Oyster Yachts looks to have found a new owner in the form of UK gaming software entrepreneur Richard Hadida. According to a report in The Daily Telegraph last night, Hadida has supposedly mounted a rescue package that could see a significant number of jobs at the UK yard being saved.

Though contractural issues were still being resolved last night, it is expected that Hadida, who made his fortune developing software group Evolution Gaming, will take ownership of the Southampton-based builder in the next few days. At the time of going to press however KPMG stated that as of Tuesday afternoon, no sale had yet been formally completed.

Administrators KPMG were called into Oyster on February 7 after the Dutch company, HTP Investments, that bought Oyster in 2012, withdrew its support for the company in late January. Prior to pulling the plug Oyster had reported a record order book of £83m with work stretching to 2019 and 2010. However low margins and insurance claims that followed the sinking of Polina Star III in 2015 are thought to have ultimately scuppered the builder.

An official announcement from the company is expected in the next 24 hours.

 

Topics