Final bids for luxury Northamptonshire boatbuilder Fairline Yachts being submitted as 'encouraged' administrator looks to close a transaction 'as soon as possible'

Bids for the company have been submitted from both the UK and abroad with more offers to come this week.

Meanwhile, the company continues to operate as normal, thanks to funding it received in February.

Michael Magnay, joint administrator to Fairline Yachts Limited, said: “We have been encouraged by the number of initial bids we have received for the company, which have come from both UK and international parties.

"We are continuing to work with a number of bidders with a view to receiving final bids this week and closing a transaction as soon as possible in the coming weeks.”

The Oundle-based boatbuilder had been saved from closure after a funding deal allowed its 250 employees to keep their jobs after a new deal to finance the troubled company.

Joint administrators of Fairline Yachts Limited had secured funding for the business provided by its existing specialist lender DF Capital and have been seeking a buyer to ‘take the brand forward’.

Multiple bids have been submitted and are being considered by administrators Alvarez & Marsal Europe LLP with a decision to be made in the ‘coming weeks’.

Last month in a statement, Mr Magnay said he expected that the company could have broad appeal ‘to international investors as well as domestic’.

He said: “Fairline Yachts is an iconic brand with a committed and passionate team of experts who have established deep relationships with dealers and end customers over many years.

"The business is known throughout the world for the quality of its craftsmanship and the innovative design of its yachts.”

Founded in 1967, Fairline Yachts has built a reputation for crafting ‘best-in-class’ yachts for its customers.

In December 2015, the firm went into administration in December putting 450 jobs under threat. The following year in June 2016, Fairline’s Corby base closed.

As the company looked to build back, in 2020, Covid-19 hit production with 340 employees eventually being furloughed.

The company has four yacht ranges, from 33 ft to 68 ft models, sold globally both directly and via local dealerships.