Administrators for the Oyster Yachts brand, KPMG, are understood by IBI to be following up on at least 10 approaches to buy the well-respected UK sailing yacht builder.
According to a source close to the administration process, all of the interested parties have indicated they want to continue building Oyster yachts in the UK.
KPMG extended the deadline from March 2 to March 7, due to a “significant amount" of interest received.
Neil Gostelow and Mark Orton from KPMG were appointed joint administrators of Oyster Marine Holdings, the group’s holding company, on February 7, 2018.
The assets offered for purchase at Oyster’s two main facilities in Southampton and Wroxham include:
- The brand name and trademark
- Technical designs and drawings, and associated IT hardware
- Build manuals
- Hull and other production mouldings
- Shares in subsidiary companies
- The plant and its machinery
Gostelow previously commented: “There is a lot of interest in the market and we would encourage any interested parties to make contact as quickly as possible. We are working with a large number of parties to progress their offers.”
IBI was initially told that as many as 45 companies had shown some interest, but that was before the formal invitation for bids was initiated by KPMG.
Negotiations will now be carried out with all the companies chosen and information about their respective bids assessed. It is not possible at this early stage to say how long that will take.