KPMG, the administrator for Oyster Marine Holdings in the UK, has received 45 expressions of interest in purchasing the Oyster Yachts brand. This was confirmed to IBI yesterday by CEO David Tydeman. He has also confirmed that the main cause of the group’s collapse was the insurance claims that followed the sinking of Polina Star III in 2015.
“There has been a good response to the administration, with KPMG receiving some 45 expressions showing interest in possibly buying Oyster,” Tydeman said. “KPMG will start the process of working through these next week with NDAs and bids and it will likely take several weeks to complete.”
Polina Star III sank off Spain in July 2015, generating a claim and counter claims of £7.2m. To date only £400,000 has been paid, leaving a £6.8m amount to settled.
“Payment of the claim against Oyster and our counter claims against Bridgland Moulders (a Norwich-based subcontractor) have been delayed and delayed and our shareholder, HTP Investment, became inpatient over the delays so withdrew their support. They feared that our claim would be unpaid by the time they had to pay the claim against us.”
The claim against Bridgland alleges improper moulding of the Polina Star 111 and three other yachts – Albatross, Meagan and Reina, which have since been repaired.
The delays to the claim have lasted over two years and had been due to be heard late last year, but a further delay has now moved this to May or June this year.