Boat manufacturer at Peterborough enforces temporary layoff for some staff

Southampton boat show 2015 Launch of the Fairline Targa 53GT EMN-150913-085508009
Southampton boat show 2015 Launch of the Fairline Targa 53GT EMN-150913-085508009
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Staff at luxury yacht builder Fairline Boats near Peterborough have been laid off for a month, it has been revealed.

The news comes just two days after it was announced that the boat manufacturer, which has bases in Oundle and Corby, had been acquired by a new owner.

Fairline Boats was acquired by the luxury brand operator Wessex Bristol for an undisclosed sum from Better Capital PPC, which had owned the firm for four years.

But now the new chief executive, Ayiaz Ahmed, has said that some staff will have to be laid off for four weeks while the owners tackle short term problems.

He said: “To address the immediate short term issues, we have made the regrettable yet unavoidable decision to instigate a temporary layoff of a number of staff for a period of four weeks as we continue to assess the business.

“This is no way an indication of the long term vision for Fairline but an unfortunate unintended consequence of the current business climate.”

The company has not revealed how many staff have been laid off or from which bases.

Mr Ahmed added: “The leadership team here at Fairline and the Wessex Bristol family are firmly and wholeheartedly committed to the long term success of the business and very much look forward to building a secure and exciting future for this great British brand.

“We will share with our loyal customers, employees, suppliers and supporters the future development plans for Fairline in due course.

He said: “Wessex Bristol is delighted with the acquisition of Fairline and we look forward to building a prosperous, long term future together.

“I have been overwhelmed at the wave of support and encouragement received from colleagues, the media and the broader business community.

“My first priority now as chief executive is to examine all aspects relating to the short and long term strategy of this famous British boat manufacturer.

“The Targa 53GT was launched at the 2015 Southampton Boat Show where it received excellent reviews.

“This along with the recent acquisition makes for a very exciting time at Fairline.”


New owner for luxury yacht maker at Peterborough