Corporate changes at two UK yacht builders

Corporate changes to the ownership structures at both Fairline Yachts and Princes Yachts have recently been made known through filing to Companies House, the UK business register.

At Fairline Yachts, the filings show that the stakes of the two main Russian shareholders have changed. As a result of these changes, Alexander Volov now becomes the majority shareholder with a stake in excess of 50% but less than 75%. Igor Glyanenko now holds more than 25% but less than 50%.

At Princess Yachts, part of the LVMH group, there has been a change of name with the group’s intermediate holding company. The ultimate owner of Princess Yachts is the Luxembourg-based RNO Group SCA. Its shareholding was held through a UK-based subsidiary called RNO Ltd. Since July 1, 2019, through a special resolution making use of the 2002 UK Companies Act, the name of RNO Ltd has been changed to Princess Yachts (Holdings) Ltd.

Over the past two or more years, both these companies have made significant steps to improve their performances and strengthen both their brands and financial positions. At Princess Yachts, this has advanced to the point where the company recently reported its best performance in history.

At Fairline, where the restructuring of the company is continuing, it reported a sizeable loss in the year to end 2017 but its subsequent progress will be assessed when the latest financial results covering fiscal 2018 are made know later this year.

In the meantime, both companies are focusing on the start of the European show season with both the Cannes Yachting Festival and Southampton International Boat Show being held in September. At Cannes, both companies will be holding premieres of two new models.