As the demise of the UK sailing yacht brand Oyster continues, two further events have unfolded. Firstly, the yard’s administrators, KPMG, have set a deadline for expressions of interest in buying the assets of the brand. Secondly, an account of what happened to the Oyster 825-02 sailing yacht, Polina Star III, has been published online by the yacht’s owner, Alexander Ezhkov. The sinking of Polina Star III in 2015 is what eventually led to Oyster entering administration earlier this month.

In its statement, KPMG invites interested parties to come forward. The joint administrators, Neil Gostelow and Mark Orton, are calling for initial offers by Friday 2 March.

Interested parties should contact Andrew Stone at andrew.stone@kpmg.co.uk or Will Lewis at william.lewis@kpmg.co.uk.

Oyster Marine Ltd is the primary trading company of the group, operating out of two sites in Southampton and Wroxham. The joint administrators are marketing the following assets for sale:

  • Brand name and trademark
  • Technical designs and drawings and associated IT hardware
  • Build manuals
  • The hull and other production mouldings
  • Shares in subsidiary companies
  • The plant and machinery

As to the sinking of Polina Star III, an account of what allegedly happened can be found at oysterstory.info. The website contains the history of the yacht and the events that led to her sinking, in July 2015, off the coast of Spain. There is also information regarding insurance claims. The website was devised by the yacht’s owner, Alexander V Ezhkov, and includes input from the captain of Polina Star III, Alessio Cannoni, and from professional yacht surveyors Ward & McKenzie.

David Tydeman, CEO of Oyster, issued a statement regarding oysterstory.info as follows: “This has been a long and distressing story for all parties. I flew to Moscow after the incident as soon as I could obtain a visa and in a personal capacity, apologised sincerely to Mr Ezhkov for the incident and the distress that I was sure that he had suffered.

“During the following months,” the statement continued, “Mr Ezhkov and I tried to find a solution to build him a new Oyster 885 although that proposal failed to develop. I was personally pleased to see that Mr Ezhkov was paid out by his insurers and, in my capacity as CEO of Oyster, we were waiting for those insurers to present their subrogated claim against Oyster.”

Tydeman adds: “The fact that this was not presented was outside Oyster's control, but at no point did Oyster seek to avoid its liability or legal responsibilities. I again express my apology in a personal capacity to Mr Ezhkov for all that he has experienced. I am unable to comment on Oyster’s behalf since the Company is now in administration.”