UK builder secures £15m cash facility through RiverRock European Opportunities Fund
The UK’s Fairline Yachts has secured a significant £15m cash facility through the RiverRock European Opportunities Fund. In conjunction with the current owners, the capital investment will be used to accelerate Fairline’s product development plans.
According to a company statement, the partnership with RiverRock will help Fairline build on the successful expansion of the business during 2019, which is forecast to deliver more than 80 yachts and a turnover of around £50m.
“Demonstrating its support and confidence in Fairline, we very much welcome the investment from RiverRock, which is in-line with our long-term plan for the brand,” says Fairline CEO David Tydeman. “The funds will help add pace to our innovative product development programme, which is critical for the sustained growth of the business and to meet our discerning buyers’ requirements.
“Customer belief in our brand is strong and with this additional investment, we are in a robust position to continue delivering on our ambitious growth plans,” he adds.
Jason Carley, portfolio manager of the European Opportunities Fund at RiverRock, said: “We are very excited to work with the management team and shareholders to fund the next stage of Fairline’s development. Fairline has a tremendous tradition of Great British design and engineering. With the exciting new product range and focus on delivering an exceptional customer experience, we are confident this investment ensures Fairline’s continued growth trajectory.”