Oyster Yachts gone bust

[Presuming Ed]

Oyster Yachts looks like it is no more. Feel for the workforce. 

IIRC, VCs loaded the company up with too much debt? 

http://www.yachtingmonthly.com/news/oyster-yachts-gone-liquidation-2-64825

 

[Rum Runner]

Sad to hear. I guess the way to have $1 million from boat building is to start with $2 million.

 

[us7070]

Feel for the workforce

and the people with half-built boats...

it's a pity - i think they are nice boats. i have done a several thousand miles on them, including an ARC. 

 

[us7070]

Sad to hear. I guess the way to have $1 million from boat building is to start with $2 million.

unless you are Richard Mathews, who started Oyster Yachts and sold it for £70,000,000

 

[Glenn McCarthy]

http://sailinganarchy.com/2018/01/26/it-came-to-consume-us/

Scooter: "I am not expecting that reception when I sit down at talk to talk with Oyster CEO David  Tydeman today. Although maybe I will as I completely missed our planned visit yesterday…! "

Scooter meeting Oyter's CEO 10 days ago and their Liquidation today? 

Coincidence?

 

[Parma]

the guy is bad luck!

 

[kent_island_sailor]

Keels coming off have anything to do with this???

 

[SloopJonB]

I'm surprised that they lasted this long after that keel disaster.

 

[LB 15]

So oyster is on the rocks? Not unusual. 

But seriously a great pity. Terrific products generally.

 

[RKoch]

Keels coming off have anything to do with this???

Bingo.

 

[Panoramix]

And boats crudely trimmed with concrete? I don't really know but with the lost keel due to poor engineering it smells of a good company ran into the ground by investment funds trying to get too much out of it.

 

[us7070]

Keels coming off have anything to do with this???

I don't know...

from the YM article:

"Recently embarking on a major project to build several 118ft superyachts, boosting jobs in the area, the quintessentially British brand announced an order book in excess of £80m worth of business only a few months ago. "

Really..., they built a lot of great boats.., but they had (serious) trouble with one..., i am not sure how big an issue it was for them in terms of sales. I know a few Oyster owners, and they didn't see it as a problem beyond that one boat. 

They were still selling boats - most new oysters are sold to oyster owners.

They are nice boats, and I would sail anywhere on one.

 

[Svanen]

They are nice boats, and I would sail anywhere on one.

Yes, I agree. Not perfect boats (lots of engine noise, due to poor insulation?), but no boat is.

I've done ocean crossings on their 47, 55 and 56. All were quality yachts.

 

[RKoch]

I don't know...

from the YM article:

"Recently embarking on a major project to build several 118ft superyachts, boosting jobs in the area, the quintessentially British brand announced an order book in excess of £80m worth of business only a few months ago. "

Really..., they built a lot of great boats.., but they had (serious) trouble with one..., i am not sure how big an issue it was for them in terms of sales. I know a few Oyster owners, and they didn't see it as a problem beyond that one boat. 

They were still selling boats - most new oysters are sold to oyster owners.

They are nice boats, and I would sail anywhere on one.

I think there were 4 built of that model. Presumably with same keel structure. That's millions to fix.

 

[us7070]

I think there were 4 built of that model. Presumably with same keel structure. That's millions to fix.

i think in the written response about the boat that sank, Oyster said that that boat was built differently, and that none of the other boats of the same model shared the design that failed.

Still, replacing one big boat might have been enough to cause financial stress.

 

[mad]

Anybody heard the result of the court case yet??  Just saying.  h34r:

 

[Svanen]

Saying, or asking?

 

[mad]

Saying, or asking?

Asking??

 

[kiwichas]

"loosing" or losing their jobs?? Surely....