oyster yachts administration

Yachting World

• Digital Edition

British tech entrepreneur buys Oyster Yachts, boat building to resume

• Elaine Bunting
• March 20, 2018

Oyster Yachts has been bought by a British software entrepreneur, with plans to resume boat building in Britain immediately and potentially launch a range of smaller yachts in future

Oyster Yachts has been bought from administrators by British gaming software entrepreneur Richard Hadida. Hadida won the bid from a shortlist of seven bidders. He is a keen yachtsman who has chartered Oysters and sails with motorsports boss Eddie Jordan on Jordan’s Oyster 885 Lush .

Oyster went into administration in February with the loss of around 380 jobs after the Dutch backers, HTP Investment, decided not to continue to support the company financially. The company had its largest ever order book totalling £80m, but also an unsettled £7.3m claim relating to the loss of the Oyster 825 Polina Star III from a total keel failure in 2015.

Hadida won’t disclose what he paid to buy Oyster, but he outbid a group that included four other high net worth individuals. He now owns the assets, tooling and IP, as well as the subsidiary brokerage, after market and events companies, but minus liabilities relating to Polina Star .

Hadida says the aim is “absolutely” to keep Oyster Yachts in Britain. While he admits he has no experience in boatbuilding, Hadida says he “brings some business skills and commonsense” and has surrounded himself with an experienced management team.

The Oyster 675 during her Yachting World boat test last year

Kim Stubbs, an operational restructuring expert on secondment from PwC, has been appointed as COO. Stubbs previously helped turn Sunseeker from a loss making operation to a profitable business by means of cost reductions, renegotiation of supply chain contracts and the introduction of production efficiencies such as modular fit-out, thus reducing man-hours and time to market.

Also a key part of the team is Paul Adamson, an experienced professional skipper and former captain of Oyster 885 Lush . Three former directors, including MD David Tydeman have, Tydeman said: “been told our services are no longer required”.

The initial focus of the new team is to complete the work in progress on 26 builds that had stalled, including Oyster’s first 118 superyacht, due for launch later this year. On the day the contracts were signed, Hadida promised: “We are going to get them built as soon as possible, starting tomorrow.”

Oyster builds will continue in the UK , “Wroxham for the smaller yachts and Southampton for the larger yachts,” says Hadida, but the range will be thinned out. “I think there were some questionable decisions made in the range strategy, where models were very close together such as the 825 and 885, which require different tooling, and we will refine a smaller range.

“We are also actively looking, with Rob Humphreys, who is integral to this, at a couple of 40-something footers in the range, possibly a super high quality 42, because there’s an enormous market there. They would have all the mod cons and the seascape [hull] windows that Oyster is famous for.”

Oyster Yachts’s facility in Southampton

Hadida does not foresee the Oyster range extending at the upper limit beyond Oyster’s current 118 superyacht and says: “There is no point in having anything between the 885 and the 118.”

While aiming to reduce costs but maintain margins through new build processes, Hadida is adamant that the aim will be “safety first, always”.

“A Polina Star cannot happen again, no question. But you can introduce efficiencies and still have a safe build process,” he says. “We also need to build more quickly and make the sales cycle shorter. Eddie [Jordan] and I talked about getting a 118 but there was a four-year lead time, which is just impossible. It was so enormous I gave up the conversation. So we are losing people to sailing through that.”

New Oyster owner Richard Hadida has sailed on Eddie Jordan’s Lush many times

Meanwhile, Oyster founder Richard Matthews, who was among the initial bidders, withdrew his bid and teamed up with Oyster’s former after sales manager, Sarah Harmer, and former quality manager, Will Taylor-Jones, to form Ipswich-based Fox’s Yacht Services which will provide a complete after sales support service. This is now in competition with the new Oyster management, a move Hadida describes as “opportunistic”.

“We have all the working drawings and IP, and we will focus on the Oyster community and after market,” he says. “I plan to bring every part of the business back to life. I am not looking to flip it, there is no exit planning, I am in it for the long run, it will be a lifetime business.”

“I see myself as a custodian of the brand and I am here for the long term. I love Oysters and the Oyster community and I think it is a heart thing, this family.

Richard Hadida

Who is Oyster’s new owner?

Richard Hadida, 52, is the co-founder and chairman of Evolution Gaming, a €100bn company specialising on live casino gaming on digital platforms. The company is headquartered in Stockholm and employs around 3,500 people, mainly in Latvia and Malta.

His interest in Oyster is more personal. “I’m a guy who loves sailing,” Hadida says. “I totally fell in love with it 25 years ago and took my [RYA] Day Skipper course and then did some bareboat chartering. Then I had two boys and as soon as they could swim I chartered Amanzi , an Oyster 56, in the Caribbean and we had the most amazing time.

“The next year I chartered Oyster 82 Ravenous and I always aspired to own an Oyster. I got close to Eddie Jordan and have done lots of sailing with him on Lush , probably 40 days a year in the last two years. I looked at buying myself and we looked at bigger boats, but none matched up to Lush – the 885 ticks every box.

“I had no idea the company was going into administration but I actually heard about it when I was on holiday with Eddie and I felt it was my calling.”

The global authority in superyachting

• NEWSLETTERS
• Yachts Home
• The Superyacht Directory
• Yacht Reports
• Brokerage News
• The largest yachts in the world
• The Register
• Yacht Advice
• Yacht Design
• 12m to 24m yachts
• Monaco Yacht Show
• Builder Directory
• Designer Directory
• Interior Design Directory
• Naval Architect Directory
• Yachts for sale home
• Motor yachts
• Sailing yachts
• Explorer yachts
• Classic yachts
• Sale Broker Directory
• Charter Home
• Yachts for Charter
• Charter Destinations
• Charter Broker Directory
• Destinations Home
• Mediterranean
• South Pacific
• Rest of the World
• Boat Life Home
• Owners' Experiences
• Interiors Suppliers
• Owners' Club
• Captains' Club
• BOAT Showcase
• Boat Presents
• Events Home
• World Superyacht Awards
• Superyacht Design Festival
• Design and Innovation Awards
• Young Designer of the Year Award
• Artistry and Craft Awards
• Explorer Yachts Summit
• Ocean Talks
• The Ocean Awards
• BOAT Connect
• Between the bays
• Golf Invitational
• Boat Pro Home
• Pricing Plan
• Superyacht Insight
• Product Features
• Premium Content
• Testimonials
• Global Order Book
• Tenders & Equipment

A new era: Richard Hadida on the future of Oyster

When British sailing yacht builder Oyster went in to administration in 2018 no-one was more surprised than Richard Hadida, the proud owner of 27 metre Oyster sailing yacht Lush . “I’m a great lover and a great believer in Oyster yacht brand,” he explains. “I’ve sailed in one for years, I’m an owner and I was truly shocked when it went in to administration.”

As anyone with a keen interest in the sailing world will know, Hadida is now the CEO of Oyster after a successful ownership bid. “Once the shock had worn off I thought, ‘Maybe this is for me, maybe I’m the guy who can spin this business around’,” he says. “Suddenly I found myself owning the best bluewater yacht company in the world.”

So what is Hadida’s vision for the future of this storied British builder? The answer to success, it seems, lies in a variety of exciting new models. The yard has already begun construction on no fewer than three new designs - the 565, the 595 and the 1225 - which between them represent new offerings at both the smallest and largest ends of Oyster’s range.

The second component to Oyster’s revitalisation, Hadida explains, is a sustainable, more environmentally friendly outlook. “The green question is the biggest question. Obviously sail yachts are sail driven so they don’t have to use carbon emissions to get across the Atlantic,” he says. “Beyond that Oyster is trying to work out what can we do as a company to protect the oceans and the world for our children.”

“There is lots of work and research going into more ecologically sound drives, such as electric lithium ion batteries, but these things have questions attached to them,” he adds. “It’s not about saying, ‘Oh, I’ll slap in a hybrid diesel-electric and that will make the world a better place. We have to do real things that make a real difference.”

With the first of Oyster’s new models anticipating delivery in summer 2019 and the annual Oyster regatta set to take place in Antigua in April, the future for this veteran sailing yacht builder looks brighter than ever.

Visit oysteryachts.com

Oyster yachts enters administration

Southampton-based shipyard Oyster Yachts has entered administration after announcing it has failed to secure enough funding to continue operating.

The shipyard revealed last week that it was unable to secure financial support and that it was considering all options to relaunch. Yesterday, KPMG announced that two of its partners have been bought on as joint administrators – Neil Gostelow and Mark Orton.

David Tydeman, Oyster CEO, said: “It is with sincere regret that we advise that the company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available. Further information will be issued as soon as we can.”

KPMG’s first duty will be to seek a buyer for the shipyard and has called for anyone interested in acquiring Oyster to contact the administrators.

Neil Gostelow, partner at KPMG and joint administrator, said: “Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to ensure that the business could continue to trade. Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible.”

Ahead of the announcement Oyster had said that the outlook for 2018 and 2019 was positive. It closed off 2017 with an order book of £80 million for 25 yachts. The company also expanded its Southampton shipyard in May last year to build a second Oyster 118. The yard also had a successful showing at the Dusseldorf Boat Show. The first Oyster 118 superyacht was nearing completion and scheduled to be ready to start sailing trials in June this year.

It is understood that Oyster yachts employed more than 160 people at its Southampton yard alone, all of whom will be made redundant – the BBC reported. The company has a total workforce of 400.

The reasons for Oyster shutting its doors have been unclear, but the yard’s main financial backer, the Dutch investment firm HTP (which acquired Oyster Yachts for £15 million in 2012) is thought to have withdrawn funding before the company went into administration – local news site The Daily Echo reported.

The company also had a large hole in its balance sheet that could have contributed to the decision to withdraw funding. Oyster took a £5.3 million hit to its balance sheet that came from legal action taken against the company after one of its yachts, Polina Star III, sank off the Spanish coast in July 2015   The Times reported .

© Specialist Insight, 2024. All rights reserved. Website design and development by e-Motive Media Limited .

Oyster Yachts bailed out of administration by Richard Hadida

As we can read in The Telegraph ,  O yster Yachts has been bailed out of administration by gaming software entrepreneur Richard Hadida in a rescue which is hoped to save most of the company’s staff.

The Southampton-based builder of luxury sailing yachts ceased operations last month in a collapse caused by a combination of low margins and poor cost control.

KPMG was brought in as administrator to try to find a buyer for the business and Richard Hadida has sailed to rescue in a move expected to see as many as possible of the company’s 420 staff.

Richard Hadida, who made his fortune developing software group Evolution Gaming, said he “ fell in love ” with the yacht builder having sailed one its vessels but added that his investment in Oyster was “ not merely a hobby ”.

“I believe we must save great this British brand and nurture it for the long term, ” he said. “But it needs to be a sustainable business: hard, quick decisions need to be taken.”

Future plans for Oyster could include moving into the thriving market for smaller yachts, below its current smallest model, which measures 47ft in length.

Read more on The Telegraph .

Hanse unveils the new hanse 590 signed berret-racoupeau, 7 bluewater cruising sailboats we love, group beneteau: record full-year earnings in 2023, the countdown has begun for the new ice 66 rs, live your passion, subscribe to our mailing list.

By SuperyachtNews 23 Feb 2018

Owner of 'Polina Star III' has his say on Oyster administration

Does the oysterstory website paint an accurate picture of the tale of 'polina star iii' and the administration of oyster.

“I believe it is my duty to inform our fellow yachtspeople and the whole sailing community about what happened so that the same mistakes can be avoided in the future,” reads a statement from Alexander V. Ezhkov, owner of SY Polina Star III ( PSIII ), on a recently launched website that tells his side of the story in the demise of Oyster Yachts. OysterStory claims to be a first-hand account of what happened to the Oyster 825-02 sailing yacht, PSIII , and how, in their opinion, the failure to handle the dispute adequately led to the liquidation of the Oyster Yachts’ shipyard.

The website outlines a series of events in which the shipyard adopted a “head-in-the-sand” approach to issues with PSIII , eventually levelling an extremely serious accusation at the British superyacht manufacturer. It should be noted that the disclaimer on OysterStory claims that the website “represents, to the best of his knowledge, the statement of Mr Ezhkov’s honest opinion” and that “errors and omissions are expected.” It is perhaps no great surprise then that the site’s content presents a far from a balanced argument.

According to the website, PSIII leaves for her maiden voyage in May 2014, between July and September she is back in the yard undergoing warranty repairs – initial suspicions of keel dislocation are raised. On 13 March 2015, PSIII was lifted out of the water in Antigua in order for an independent marine surveyor report to be conducted. Small Ship Consultants, the marine surveyors used to complete the report, found that the “Movement of the ballast keel along its joint with the hull stub is considered excessive and not simply a cosmetic defect”. When Oyster Yachts was notified, it is claimed that the yard responded to Ezhkov by explaining that “This is a cosmetic issue only and does not affect the attachment of the keel to the hull”.

Speaking exclusively with SuperyachtNews, David Tydeman, former CEO of Oyster Yachts, explains that “A key point to note is that the flexing of the joint between the stub keel and the lead bulb keel – that is the subject of my ‘its cosmetic, enjoy your yacht’ comments I am quoted on was proved to be correct. None of the keel bolts failed and this was an unfortunate and completely disconnected issue to the moulding defects which caused the stub keel structure to fail and the loss of the vessel.”

On 03 July 2015 PSIII sinks. Following the incident, OysterStory claims that Oyster Yachts refused to do anything about the problem when it was imminent, failed to acknowledge liability, dragged out settlement proposals and never properly apologised to the owner, dubbing the yard “Ostrich Yachts” because of the "head in the sand" approach.

“This has been a long and distressing story for all parties,” explains Tydeman. “I flew to Moscow after the incident as soon as I could obtain a visa and, in a personal capacity, apologised sincerely to Mr Ezkhov for the incident and the distress that I was sure he has suffered. During the following months, Mr Ezhkov and I tried to find a solution to build him a new Oyster 885 although that proposal failed to develop."

Between October 2015 and January 2018, the various legal and claims proceedings associated with a major incident played out. While Ezkhov received a full pay out for the loss of PSIII from his insurers, Hiscox MGA, issues of uninsured losses for outfitting, crewing, moral distress and loss of amenity remain unresolved.

“I was personally pleased to see that Mr Ezhkov was paid out by his insurers and, in my capacity as CEO of Oyster, we were waiting for those insurers to present their subrogated claim against Oyster,” continues Tydeman. “The fact that this was not presented was outside Oyster’s control, but at no point did Oyster seek to avoid its liability or legal responsibilities. I again express my apology in a personal capacity to Mr Ezhkov for all that he has experienced. I am unable to comment on Oyster’s behalf since the company is now in administration.”

The website, for obvious reasons, takes an incredibly one-sided approach to the issues of PSIII and Oyster Yachts’ eventual administration, it further voices some serious allegations against Oyster Yachts relating to the shipyard’s finances. As yet, however, nothing has been proven, but SuperyachtNews will continue to post updates on the story as and when there are developments.  

Join the discussion

To post comments please Sign in or Register

When commenting please follow our house rules

Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here .

Sign up to the SuperyachtNews Bulletin

Receive unrivalled market intelligence, weekly headlines and the most relevant and insightful journalism directly to your inbox.

Sign up to the SuperyachtNews Bulletin

The superyachtnews app.

Follow us on

Media Pack Request

Please select exactly what you would like to receive from us by ticking the boxes below:

SuperyachtNews.com

Register to comment

After bankruptcy, a new owner for Oyster Yachts

April 10 2018

Written by Yachting Art Magazine

British entrepreneur and founder of Evolution Gaming Group Richard Hadida, becomes new owner and CEO of Oyster.

New team aims to prioritise rapidly re-building teams and operations, the completion of in-build projects on behalf of Oyster customers, before re-establishing Oyster as the pre-eminent name in luxury yacht building.

Oyster Yachts, announces a new owner and management team for the business, which is expected to secure the future of over 400 jobs and this iconic British sailing brand. 

The sale of Oyster to entrepreneur Richard Hadida, founder of global software business Evolution Gaming Group, ensures the business can be re-launched and secured for the long term.

Oyster was founded in 1973. Its initial focus was on marketing a range of cruiser racers, with the emphasis on performance. It has since built a reputation as the leading manufacturer of high end yachts in the sailing industry. Oyster yachts have a distinctive deck saloon style and are renowned for their quality, comfort and performance. The yacht fleet ranges from 47 to 118 feet. The Company's business is truly international and Oyster has already won two Queen's Awards.

The successful sale of Oyster to its new owner provides a significant boost to the UK yacht building industry and it is hoped will result in securing the future over 400 highly skilled jobs in Southampton and Wroxham. Oyster Yachts are considered the very peak in yacht manufacturing and design. The “Bentley of the Seas” continues to push the boundaries of innovation and high end design, providing its customers with the very best in yacht design and above all, an absolute commitment to customer service, with a unique end to end customer experience.

The new ownership enables the business to complete work on on-going projects on behalf of its customers, which had been paused during the administration process. It also means Oyster can deliver on hugely exciting new projects. This includes the new Oyster 118 – its flagship new yacht that is expected to be launched later this year. Prior to administration the Group operated with 420 employees, primarily across its two main manufacturing sites in Southampton and Wroxham. A key immediate task, for the new owner and management team is to re-build that highly skilled workforce and deliver on the projects on behalf of waiting customers.  

Richard has established a new management team to lead the transformation of Oyster. Richard will himself act as Interim CEO of the business. He will be supported by Interim Chief Operating Offer Kim Stubbs, who helped lead the successful transformation of Sunseeker from a loss making position back to profit in just 24 months. PwC will continue to support the finance function, including appointing Becky Bridgen as Acting CFO. Finally, Paul Adamson will act as Chief Transformation Officer. A former professional sailor and yacht skipper, Paul brings a wealth of Oyster yachting knowledge both as a skipper and a consultant for Oyster owners. 

Richard Hadida, Oyster’s new owner, said to Yachting Art Magazine : “It has been my privilege to sail an Oyster Yachts for some years. I fell in love with Oyster, the yachts, the events and more importantly the Oyster family. My passion for the brand has driven my decision to acquire the business. The Oyster brand is central to the yachting world. I firmly believe that we must save this prestigious British yacht builder and continue to nurture and grow the Oyster Group for the long term. My investment in Oyster is not merely a hobby. Oyster needs to be a sustainable business. Hard, quick decisions need to be taken. There is considerable work to be done to turn the business around and I believe with the support of Kim, Becky and Paul, who bring unique credentials to the team, we will achieve this, not least the hugely successful turnaround of Sunseeker.”

Kim Stubbs, COO of Oyster said: “The opportunity to work with Richard and a brand such as Oyster is extremely exciting. For the sailing community, Oyster is truly the symbol of leading yacht design. I firmly believe we can use the experience of the Sunseeker turnaround to deliver fast, and sustainable results at Oyster and we look forward to starting today to deliver on the clear promise of this remarkable sailing marque.”

Paul Adamson, CTO of Oyster said: "Having sailed Oyster Yacht’s for over 19 years including an Oyster 885 around the world in the inaugural Oyster World Rally it is an absolute privilege to join Richard’s team. Personally, like thousands of others, I adore the ‘Oyster brand’ and everything that it stands for. Between Richard, Kim & Myself we are dedicated to re-establishing Oyster as the leader of global yacht building.”

Share this post

You might also like:

Comment on this post

• See the profile of ActuNautique Magazine on the Overblog portal
• Report abuse
• Terms of service
• Cookies and personal data
• Cookies preferences

Yachting Monthly

• Digital edition

Buyer confirmed for Oyster: recruitment underway for staff

• Katy Stickland
• March 20, 2018

Entrepreneur Richard Hadida announces he has bought Oyster Yachts and all of its subsidiaries after the luxury boat builder went under in February

20 March 2018

Gaming software entrepreneur, Richard Hadida is the new owner of Oyster Yachts.

The British luxury yacht builder stopped production in February with the loss of some 380 employees at its UK sites at Southampton and Wroxham in Norfolk after the Dutch private equity firm, HTP Investments, announced it would no longer continue to financially support the company.

Hadida is now forming a management team, led by Oyster stalwart Paul Adamson, who captained Eddie Jordan’s Oyster 885, LUSH in the Oyster World Rally in 2014. Kim Stubbs, who was responsible for turning around the fortunes of Sunseeker, has also been brought in.

‘ It is going to be difficult, but with common sense and creativity we can turn this business around,’ stressed Hadida, who is the founder and creative directive of Evolution Gaming.

‘Oyster is the Bentley of the Sea, a great British brand, and it will remain so,’ he added.

Richard Hadida is now at the helm of Oyster Yachts

Hadida, who regularly sails on LUSH, told Yachting Monthly he has used his own personal fortune to buy Oyster and all of its subsidiaries, including Oyster Palma and Oyster Newport in the USA.

‘Every part of the business, including brokerage and chartering, I plan to bring back to life,’ he noted.  ‘I am not looking to flip it, there is no exit planning, I am in it for the long run, it will be a lifetime business.’

His first priority will be on the 26 customers whose Oysters were in build when the company closed its doors.

‘We are hoping to start employing people as of tomorrow. At the moment, we have boats in every stage of build from the mould to almost complete and we need to get people on these boats and building them fast. I want to get those yard doors open and start building boats again,’ stressed Hadida.

Oyster Yachts is now actively recruiting for staff

Adamson added that the 26 customers with Oysters in build will get exactly what they ordered.

‘Oyster owners five weeks ago were left high and dry. These 26 owners are our first priority which is to give them the Oyster they ordered so they don’t end up with a hybrid and they will have full warranty for what they ordered.’

Hadida believes it will take a few years ‘to get everything back on track’.

Part of this process will include looking at the manufacturing process to make it as efficient as possible so margins are maintained while still retaining the build quality which Oysters are known for.

‘If the margins are not there, the boat will not be built,’ he stressed. With 40% of Oysters being sold to existing owners, Hadida believes there are also opportunities for smaller Oysters built with the same fundamental quality ‘so people can join the Oyster family earlier’.

The Oyster 885 LUSH Credit: Oyster Yachts

Last week, it was announced that the original owner of Oyster, Richard Matthews, along with the boat builder’s former after sales manager, Sarah Harmer, and former quality manager, Will Taylor-Jones had formed the Ipswich-based Fox’s Yacht Services to provide a complete after sales support service to the owners of Oyster yachts regardless of their size, age or location.

Paul Adamson said they would be happy to work alongside anyone interested in collaborating, but stressed that Hadida owned the brand and the intellectual property of the technical drawings and moulds across the Oyster range.

Hadida also confirmed that the Polina Star III incident was now firmly in the firm’s past, and stressed a repeat ‘would never happen.’

In 2015, Oyster was forced to review the design and construction of its Oyster 825 after the second boat off the production line, Polina Star III, lost her keel and sank off the coast of Spain.

Oyster later went on the record to say the construction and design of the 825 took into account Classification Society Rules and other standards, and that its inspection of other 825s (not including Polina Star III) highlighted a possible weakness in the process used to build the inner structures of these vessels.

07 February 2018

Administrators have been appointed to Oyster Marine Holdings Limited, the holding company of Oyster Yachts.

The firm, which has its headquarters in Southampton, and also trades from Wherstead in Suffolk, has two employees, and holds the Oyster Group’s interest in the intellectual property of the technical drawings and moulds used in the production of the yachts in the Oyster range.

In a statement, KPMG Restructuring said no other companies within the Oyster group form part of this particular administration.

This includes Oyster Marine, Oyster Brokerage and Oyster Palma.

Neil Gostelow, partner at KPMG and joint administrator, commented: “Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to continue to trade the business. Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible.”

Interested parties are advised to contact William Lewis who is part of the Administration team on 07771 555540 or [email protected].

Meanwhile, managers at Oyster Yachts are continuing to look ‘for all opportunities available’ after the firm sent redundancy notices to all of its UK workforce, including employees at the Southampton boatyard at Saxon Wharf and the Wroxham base in Norfolk.

In the notice, Oyster CEO David Tydeman told employees that the company had “been unable to secure financial support to enable it to continue to trade at this time and it is now facing entering an insolvency procedure imminently.

“After considering all possible options, the Company has concluded that there is a risk that it will be unable to continue to provide work for all of its employees at all locations and that it is likely that it will have to make all of its employees redundant,” continued the notice.

“The Company has run out of cash and is unable to pay employees for work. The Company decided to close all operations yesterday (for the immediate future) to prevent or minimise all loss to employees and all other creditors”.

Tydeman added that third party financial support was needed if the firm was to continue trading.

06 February 2018

Managers at Oyster Yachts say they’re ‘looking for all opportunities available’ after the company told workers to expect redundancies

The luxury yacht builder’s 160 staff at its Southampton boatyard at Saxon Wharf, along with its workers at Wroxham in Norfolk are all expected to be affected. It is unclear how it will impact Palma, Majorca and Newport, USA

Oyster CEO David Tydeman issued a statement today, saying: ‘It is with sincere regret that we advise that the Company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available. Further information will be issued as soon as we can’.

Recently, Oyster announced 2017 was a record year, with its order book reaching more than £80 million.

Oyster Marine was acquired by HTP Investments BV (HTP) for just under £15 million in 2012. The company was sold in 2008 by founder Richard Matthews to private equity company Balmoral Capital for about £70 million. The acquisition included the Oyster Group companies Oyster Marine Ltd, Oyster Brokerage Ltd and Southampton Yacht Services Ltd.

05 February 2018

The British luxury yacht builder Oyster Yachts is reported to have gone into liquidation as of 1600 on Monday 5 February 2018.

Staff are said to have found out that all employees are to be made redundant in the news this afternoon. A spokesman for the company confirmed that a statement would be made on Tuesday 6 Feb but would not confirm or comment on the news. Staff have been asked to come into work tomorow

Oyster Yachts recently launched their new model, the Oyster 745 at boot Düsseldorf, the German Boat Show at the end of January.

Sources have said that 160 staff at the Southampton boatyard have been told they will be losing their jobs.

Oyster recently had the biggest sailing yacht on show at international Dusseldorf boat show but is rumoured to have gone into liquidation, with the doors closing today at their Southampton yard.

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. The company recently publicised the progress of some new moulds for their Oyster 825 and 895 models:

Exciting times at #OysterYachts as the new deck tooling takes shape. Through smart #engineering , this #deckmould can be used on either the new #Oyster895 or the #Oyster835 . To find out more and to view our current fleet visit: https://t.co/akEp3LXvXx . #BritishBuilt #Superyachts pic.twitter.com/U8SDvMDorH — Oyster Yachts (@OysterMarine) January 5, 2018

HTP Investments, a Dutch investment firm, are rumoured to have withdrawn financial support for the company.

Industry sources suggested that the company may have lost money in dealing with structural problems identified following the sinking of the Oyster yacht Polina Star III, which lost her keel and sank off the coast of Spain in 2015.

Oyster Yachts made the following statement at the time:

‘Since the tragic loss of Polina Star III – Oyster 825-02 – in early July, Oyster has worked with a team of independent experts to review the design and construction of the Oyster 825. Since the recovery of Polina Star III from the seabed recently we have also worked with the various representatives of the Owner’s insurance Company and other stakeholders.

‘The objective of this work was to establish beyond doubt how and why the loss occurred, the first of its kind in Oyster’s long history. First, it is important to note that the Oyster 825 design took into account Classification Society Rules and other standards and has been independently verified. Secondly, our inspection of the other 825s (not including Polina Star III) highlighted a possible weakness in the process used to build the inner structure of those vessels. This process has not been used on any other Oyster Yacht built over the last ~40 years and will not be used again.’

The announcement has taken staff and others in the industry by surprise. The company website was still advertising for job vacancies at the time of the announcement.

Jim Pugh, President and Founder of US-based yacht design studio Reichel Pugh commented, ‘I am very surprised and disappointed to hear the news about Oyster Yachts. They came to us in December for a higher performance 33m design and a development of their portfolio. It was an exciting project.’

The project, known as Project Alpha, would have taken Oyster into new territory on the superyacht racing circuit, building on the company’s recent 118ft superyacht build.

• Motorcycles
• Car of the Month
• Destinations
• Men’s Fashion
• Watch Collector
• Art & Collectibles
• Vacation Homes
• Celebrity Homes
• New Construction
• Home Design
• Electronics
• Fine Dining
• Baja Bay Club
• Costa Palmas
• Fairmont Doha
• Four Seasons Private Residences Dominican Republic at Tropicalia
• Reynolds Lake Oconee
• Scott Dunn Travel
• Wilson Audio
• 672 Wine Club
• Sports & Leisure
• Health & Wellness
• Best of the Best
• The Ultimate Gift Guide

Oyster Yachts Launches Its New Model One Year After New Ownership

The british shipyard designed a next-generation sailing yacht for couples and families to sail without crew..

Danielle Cutler

Danielle Cutler's Most Recent Stories

• Learjet’s Speedy New Business Jet Comes With Its Own Mini Executive Suite
• This New 146-Foot, All-Aluminum Superyacht Comes With a 3-Level Master Suite
• Heesen Just Sold Its Second Hybrid Superyacht, the Sleek 163-Foot Project Electra
• Share This Article

Just one year after entrepreneur and sailor Richard Hadida bought the UK-based Oyster Yachts out of administration (US equivalent of bankruptcy), the resurrected brand launched the newly designed 59-foot Oyster 565. The company held the launch celebration at Tower Bridge in London May 9.

With a hull shaped by Humphreys Yacht Design, this blue-water sailing yacht can be operated by a couple or a family and without professional crew. This next-generation Oyster—part of Oyster’s sixth-generation (G6) fleet of sailing yachts —features a twin-rudder hull form and a well-balanced steering system. Clients may choose from a plethora of layout and keel options. Those interested may go for the optional supershoal sail plan with centerboard for shallow-water sailing, or choose the sports pack for enhanced performance (planning to race in the Oyster Regattas?). For those who want to sun waterside or take advantage of easy access to the water, there’s an extended transom option with Oyster’s standard keel. A generous sail locker and lazarette are at the ready to store all the required sailing gear and dive equipment.

Meet Spear, an Epic 460-Foot Trimaran Concept That Looks Like It’s From the Year 3000

• First Drive: Radical’s New Track-Only Racecar Is Brutally Quick and Responsive
• Rossinavi Just Launched a Custom, Full-Aluminum 164-Foot Superyacht

Oyster’s in-house team conceived the deck design and interior layout. And while the 565’s interior decor can be highly personalized, clients can choose from two different interior layouts within the vessel’s 16-foot 10-inch beam. Usually, the master stateroom is situated aft, with two guest cabins forward and an additional utility or bonus cabin. But for the first time ever, the Oyster 565 is offering a layout with the master forward. In this configuration, the aft area can remain as another large stateroom (VIP) or can be set up as two double cabins. However the yacht is configured, the Oyster 565 comes with high ceilings and Seascape windows in the saloon and master stateroom and large windows throughout, pulling in natural light and extensive views. The VIP cabin gets the new Skyscape window, with views of both the water and the sky.

The Oyster 565 starts at $1.85 million (£1,450,000) for the Standard Layout (master cabin aft, with two guest cabins forward and a utility cabin that can be lengthened to include an additional berth).

Danielle Cutler started covering yachts, marinas, and the yachting industry in 2005. Besides writing and editing yacht content for Robb Report, Danielle has worked for Yachts International and the…

Read More On:

• Oyster Yachts
• Sailing Yacht

More Marine

This New 131-Foot Aluminum Catamaran Concept Can Take on a Transoceanic Expedition

This New 150-Foot Superyacht Can Cruise Through Shallow Waters in Florida and the Bahamas With Ease

Open Space, Eco-Friendly Tech: What a Rising Class of Millennial Superyacht Owners Is Looking For

Culinary Masters 2024

MAY 17 - 19 Join us for extraordinary meals from the nation’s brightest culinary minds.

Give the Gift of Luxury

Latest Galleries in Marine

8 Fascinating Facts About ‘Nero,’ a 295-Foot Superyacht Inspired by a 1930s Classic

Palm Beach Vitruvius in Photos

More from our brands, diane von furstenberg, lo bosworth, rupi kaur and more, celebrate the official launch of breadwinner, james madison’s record $53m in student fees tops all public schools, ‘happy gilmore 2’ script is written, says shooter mcgavin actor: adam sandler ‘showed me the first draft…so it’s in the works. fans demand it’, documenta 15 diary: beyond borders, the best yoga blocks to support any practice, according to instructors.

• Cruising Compass Media Advertising & Rates
• Blue Water Sailing
• Multihulls Today
• Subscribe Today

Oyster Yachts Back in Business After Bankruptcy

The sailing community was shocked when Oyster Yachts declared bankruptcy last winter. The venerable builder of high quality, blue water yachts has long been an industry leader. Plus, it had in excess of $80 million in orders on their books. But, a white knight rose to the rescue and saved the brand, the customers, the boat builders and the extended Oyster family. Read the report in Superyacht News.

Oyster has announced that they will once again manufacture yachts at their plant in Wroxham, England and has hired 50 former employees as yacht builders just three months after the company went into administration.

This news marks the beginning of the company’s next chapter following its sale to entrepreneur Richard Hadida, with the yacht builders having already begun work on an Oyster 675 yacht. The yacht will be 67 feet in length (20.4 meters) and is the first of two yachts Oyster currently has contracts for, with several more orders expected to be signed in the coming weeks, as the company seeks to complete projects paused during the administration process.

According to Oyster, they will continue to scale up their hiring push as more order contracts are signed, and they expect to make further announcements shortly, emphasizing that they are committed to maintaining their heritage and saving as many highly skilled jobs as possible.

In other developments for the British company, Oyster also successfully re-launched the Oyster World Rally on 23rd April, with 17 Oysters set to leave Vanuatu in the Pacific islands shortly, setting sail for the Whit-Sundays in Australia.

Richard Hadida, Oyster’s CEO, commented: “It brings me real pleasure to announce that the production of Oyster yachts has recommenced in Wroxham. Whilst we are moving into a new chapter for the business, we always knew that staying true to the Company’s  roots was vital. I am incredibly proud that we have been able to hire previous employees of the business, as it is their expertise and craftsmanship which will ensure we maintain the mark of quality Oyster yachts are known for.” Read more.

You Might Also Like

Newport International Boat Show Acquired By South Florida Ventures

Storm Damage Along the Maine Coast

Bermuda Triangle Incidents

Read the Summer-Fall Edition of Blue Water Sailing

Read the fall 2023 edition of blue water sailing, recent posts.

• Survey of the Week

• Introducing the New Twin-Keel, Deck Saloon Sirius 40DS

Please Visit Our Sponsor’s Webpages

• Media Advertising & Rates

Published by Blue Water Sailing Media, a division of Day Communications, Inc., Middletown, RI

Publisher & Editor: George Day

Blue Water Sailing Media publishes Blue Water Sailing magazine, Multihulls Today and other titles.

Cruising Compass Advertising Sales:

George Day, Newport, RI [email protected] 401-847-7612

• She Asked, How Hard Can It Be? Boys Do It
• New 2024 Bavaria C50 Tour with Yacht Broker Ian Van Tuyl

© 2014 Blue Water Media. All rights reserved. | Admin

You are using an outdated browser. Please upgrade your browser to improve your experience and security.

Marine Industry News

• Leisure Marine
• Maritime, Commercial & Defence
• Boats and Outboards
• Construction Materials
• Engines and Propulsion Systems
• Marina and Yard
• Marine Electronics
• Safety Equipment
• People on the move
• Shows & Events

Oyster Yachts bailed out of administration…

Tuesday, March 20th, 2018

Written by: Marine Industry News

Oyster Yachts has been bailed out of administration by gaming software entrepreneur Richard Hadida in a rescue which is hoped to save most of the company’s staff.

The Southampton-based builder of luxury sailing yachts ceased operations last month in a collapse caused by a combination of low margins and poor cost control, along with an insurance claim relating to the capsize of one its its vessels in 2015.

KPMG was brought in as administrator to try to find a buyer for the business and Mr Hadida has sailed to rescue in a move expected to see as many as possible of the company’s 420 staff based in Hampshire and Norfolk re-employed.

The failure of the business – which builds, services and charters vessels of up to 118ft in length – came despite it having its largest-ever order book, thought to be about £10m higher than the £70m reported for 2016. Annual accounts for the parent business Oyster Marine Holdings show that the company had revenues of £42m in 2016, and made a pre-tax profit of £104,000.

The previous year’s figures show the business suffered a £5.2m hit from the sinking of the Polina Star III yacht, which dragged it to a £7.4m loss for the year, leaving the company’s finances foundering.

Mr Hadida’s involvement will allow Oyster to resume construction on vessels and wider operations which had been paused following the company’s failure, which resulted in all but a skeleton staff made redundant.

Mr Hadida, who made his fortune developing software group Evolution Gaming, said he “fell in love” with the yacht builder having sailed one its vessels but added that his investment in Oyster was “not merely a hobby”.

“I believe we must save great this British brand and nurture it for the long term, ” he said. “But it needs to be a sustainable business: hard, quick decisions need to be taken.”

The entrepreneur said although his previous business experience means he is “ill-equipped” for the yacht business, he can bring “commercial acumen and common sense” to the company.

This is likely to result in Oyster adopting modern construction techniques, such as modular construction, to reduce build times.

“The boatbuilding industry needs to evolve like every other industry,” Mr Hadida added. Oyster is just one in a series of UK boatbuilders to have been swamped by poor financial performance in recent years.

Powerboat builder Fairline collapsed in 2015 and was bought out of administration in 2016, just as rival Princess Yachts announced plans to cut 350 of its 2,300 staff, though the number of job losses was eventually less than half this as the company enjoyed a stronger performance than expected. Sunseeker Yachts was bailed out after years of poor financial results in 2013 by Wanda Dalian. The Chinese investor spent £300m to get a 95pc stake in Sunseeker.

Mr Hadida refused to be drawn on the size of the investment he is making in the company beyond saying it is “many millions” and will see him use his own fortune to provide working capital. He will take on the role of interim chief executive until a permanent replacement is found and Oyster is now rebuilding its management team.

Kim Stubbs, who helped turn around fellow British yacht company Sunseeker, has also been brought in to navigate Oyster back to health.

Future plans for Oyster could include moving into the thriving market for smaller yachts, below its current smallest model, which measures 47ft in length.

Story in today’s Telegraph by Alan Tovey, Industry Editor

TeamO raising capital to fund development and stock production

Volvo Ocean Race Leg 7: the plan, keep it simple

Wednesday, March 21st, 2018

One response to “Oyster Yachts bailed out of administration…”

Holyhead Marina destroyed by incompetence if reports seem to look closer to the marinas operation after allowing larger commercial vessels to use the marinas floating pontoons which many yacht people have asked why? After storm Emma used the commercial sized vessels to act like sails due to their windage destabilising the anchoring points and substantial causing 80 yachts and commercial vessels to be destroyed and some sunk I’m sure the marinas insurance experts may take a dim view of the situation

MIN magazine

Dive into MIN’s print edition which is now online for your convenience. More stories, more in-depth features, more product news and more exclusive interviews. Enjoy thoughtful analysis of the marine trade sector from across the world and get onboard with new trends.

Privacy Overview

WELCOME TO THE FAMILY

As an owner we consider you one of the family, and with that comes personalised care, life changing experiences and support for the lifetime of the yacht

Joining the Oyster family

Enjoy 2 year manufacturer’s warranty and extension options for years 3, 4 and 5

Join fellow Oyster owners on the ultimate sailing adventure, the Oyster World Rally

Taking ownership of your Oyster is seamless with our part exchange service on your existing boat

Unrivalled customer care and access to Oyster service centres worldwide

Owning an Oyster can be more rewarding than you might have thought

Receive a complimentary entry to your inaugural Oyster Palma Regatta when you join the Oyster family

FIND OUT MORE

More information

Reassurance as standard, enjoy a comprehensive 2 year manufacturer’s warranty, with the option to extend by an additional 3 years when your vessel is maintained by an authorised oyster service centre., comprehensive warranty.

2 year Comprehensive manufacturer’s warranty as standard

Extended warranty options

Options to extend warranty for years 3, 4 and 5

Improved yacht residuals

Higher re-sale values when Oyster warranty is maintained

Voyage of a lifetime

Dreaming of sailing around the world, visiting the most remote and beautiful destinations on the planet, look no further, the oyster world rally is a unique and extraordinary circumnavigation exclusively for oyster owners. a fleet of 30 or more oyster yachts circumnavigate the world, fully supported by oyster’s experienced logistics and technical team. choose the rally package to suit your needs..

Global Service Network

No one understands oysters better than we do. whether you are planning for the voyage ahead, removing uncertainty or ensuring the value of your oyster, it has never been easier with a choice of tailored oyster service plans and our global service network., annual service.

• In and out of the water essential services
• Annual engine services
• Check of structure, thru hull fittings and deck fixings
• Safety equipment serviced and certified
• 100-point manufacturer check and report

Seasonal service

• Pre-cruising season preparation
• Sea trial to test systems
• Decommissioning at the end of the season

Select service

• Extended warranty on equipment and systems
• Service of engine, major equipment and systems
• Check of structure, rigging, thru hull fittings, deck fixings and safety equipment 

Pre-owned exchange

Already sailing an oyster.

Taking ownership of a new Oyster can be seamless when you take advantage of our part exchange offering. Our brokerage experts will evaluate your current yacht against a new model and provide a commitment of purchase. This enables you to sail in and sail away on your new Oyster.

Reassuring residuals

For most people, owning a boat is one of life’s luxuries. by their nature there are costs associated to owning a boat and depreciation to consider..

Owning an Oyster might mean a higher cost of entry, but the day-to-day cost of owning one can be more reasonable than many realise. Strong residuals and demand for well-loved and sensibly specified Oyster yachts remains strong. Well-maintained Oysters have a strong track record of excellent residuals. In the right market conditions, the cost of ownership can be viewed as an investment, as many Oyster owners have experienced.

Limited production of Oysters ensures strong demand

Running costs

Lower than expected annual running costs

Strong historic residual values of pre-owned Oyster yachts

Regatta experience

As an owner you receive a warm welcome at all oyster events. to experience the best of the oyster family, new owners receive a complimentary invitation to their first oyster palma regatta..

It’s a great opportunity to experience friendly competition on the water, camaraderie, and good times with like-minded owners. Oyster Regattas are open to all skill levels, with support from the Oyster team and partners, and handicap options to suit your yacht and abilities onboard.

Better informed

Unsure about which oyster model, the interior configuration or what the ideal sail set-up is for you.

Find the perfect specification by seeing boats in build at one of our yards, visiting our customer experience centre in Southampton or chartering an Oyster for the ultimate experience. It will help you and your family create your ideal specification with confidence.

Additional Oyster benefits

For complete satisfaction, one of our Customer Care team visits every new Oyster after her delivery

Take control of your Oyster with the Oyster App featuring real-time remote access and black box technology on your smart phone

Offset your running costs by chartering your Oyster through Oyster Charter

A unique Oyster Brokerage programme for the re-sale of pre-owned Oyster yachts, cared for by Oyster itself

World-class after sales and support anywhere in the world

Sit back, relax and let our experts find the right Oyster crew for you

The Oyster promise

For complete satisfaction with your new oyster yacht, one of our experienced customer care team will pay a complimentary visit to your yacht within six months of handover..

They will carry out routine checks and share valuable insights to help you get the most from her. Bring your Oyster to one of our Service Centres, or our Customer Care Technician will visit you within Europe at no additional cost. Ask the team about visits outside Europe, along with extended stays aboard.

Get more from your Oyster with the Oyster App. Onboard black box technology provides real-time access to your yacht’s status, systems and movements on your smart phone. Connect to Oyster’s Global Service Network, maintain service history and track warranty status. Access Oyster’s legendary Customer Care team, connect to the Oyster community or even schedule a service. Convenience at your fingertips!

Smarter ownership

Make owning and maintaining your oyster a rewarding experience by chartering her through oyster charter. talk to our experts to find out more., reduce running costs.

A dedicated crew can keep your Oyster in pristine condition

Ownership structure

Explore a business ownership structure for your charter business

Explore new locations

Positioned in the optimum charter locations, you can enjoy exploring new destinations

Fulfilled crew

Oyster charter crews enjoy a busy charter schedule and visit new destinations

Minimising maintenance

Regular use helps mitigate issues arising from extended periods alongside the dock

Higher residual value

An Oyster familiar to the charter market is beneficial to a buyer looking for a commercial return

Oyster Approved

A unique programme for the re-sale of pre-owned Oyster yachts, meticulously serviced, warrantied and cared for by Oyster.

The Oyster Approved Brokerage programme is open to Oyster yachts still in warranty and cared for by Oyster itself. It allows Oyster to validate the history of the vessel, guarantee her condition and offer a 12 months manufacturer warranty with her sale. For you, Oyster Approved delivers a premium price at re-sale and likely high demand in the market for your much loved Oyster.

Legendary support

You will never be alone on your oyster. our legendary after sales team offer world-class support and parts service wherever you are in the world. as part of the oyster family, you have the reassurance that our exceptional support team provide unrivalled service from the moment you take the helm..

Valued crew

Looking for a crew to manage and maintain your new oyster oyster crew services will advise and help you discover what crew are best suited to you..

Whether it is permanent or part time experienced Captains, Couple teams, Chefs or Mate/Engineers, our team offer a variety of solutions to meet your requirements. With over 200 loyal and experienced crews operating across the Oyster fleet, let us find you the perfect crew, so you can enjoy every minute on board.

Crew search

Complete end-to-end service to source your next crew

Crew Connect

Unlimited annual service to source and place crews

World Rally crew

Access pre-sourced professional Oyster World Rally crews

Oyster Brokerge

The pre-owned Oyster specialist, with unrivalled expertise in buying and selling brokerage Oysters.

Oyster Events

Explore our full calendar of sailing events from Boat Shows and Rallies, through to Oyster Regattas

The Oyster Difference

Find out what sets Oyster yachts apart

Sign up to our newsletter

Be the first to hear about new launches, exclusive events and all things Oyster

© 2024 OYSTER YACHTS

Follow the Oyster World Rally 2024-25 fleet live

The new 565 Series II

The pursuit of perfection continues

Explore the benefits that come with taking ownership of a new Oyster, and becoming part of the family

GRAND TOURING

The new oyster 885gt revealed. watch her in action.

LUXURY CHARTER

Experience exhilarating sailing, luxury and style on an oyster charter. personal, exclusive and uniquely oyster.

Join Oyster Brokerage at the Palma International Boat Show, 25-28 April 2024. Book your tour today

Oyster world rally.

Winner of European Yacht of the Year 2023. She sets a new 50 foot bluewater benchmark, offering a stunning combination of sailing performance, comfort, safety and luxurious living space.

Heralding a new generation of Oysters, this 60 foot bluewater cruiser is a sailing yacht for all oceans. Practical and well-provisioned for long distance sailing or cruising in coastal waters.

The much-anticipated Oyster 595 is well-proportioned and extremely versatile. Offering exciting, customised build options with no compromise, she is capable of great things.

A versatile sub-70 foot sailboat offering the perfect balance of size and practicality. She can be sailed shorthanded effortlessly or take a full crew and up to eight friends and family.

This long range 75 foot cruising yacht is designed for very big adventures. A joy to sail yourself, she also boasts dedicated crew quarters.

Oyster 885SII

An exhilarating 90 foot sailing yacht, delivering comfort and safety with uncompromising performance. She is capable of taking you anywhere in the world effortlessly, in luxury and style.

First name *

Last name *

Phone number *

Country/Region *

Attach CV *

Attach covering letter

Current occupation

LinkedIn profile