Fairline Yachts to invest £30m in expansion into larger boats
The British shipyard unveiled its plans to invest £30 million over four years to develop a 20.000-square-meter facility at the former Hythe Marine Park in Hampshire, where yachts of over 18 meters will be produced. The new site will start its operations in the late summer of 2018.
Almost two years after the acquisition by the UK-based Russian investors, Igor Glyanenko and Alexander Volov, Fairline Yachts are on the eve of expansion through building a new manufacturing facility.
With their deep-water berths, the new premises will allow to construct and transport motor-yachts of over 18 meters in length, something that wasn’t possible to achieve at the yard’s original factory in the town of Oundle because of its inland location.
Failine Yachts managing director, Russel Currie commented in this regard:
“As the global yachting market evolves, clients from across the world are increasingly demanding larger yachts than we’ve been able to create. Our new site, to be named Fairline Marine Park, will boast state-of-the-art facilities, giving us room to expand and create bigger boats, whilst making the most of the existing boat building skills in the location.”
While 200 jobs are expected to be created with the opening of a new site in Hythe, no jobs would be lost in Oundle, where the construction of models under 18 meters should run its course, the executive claimed.
The company has been funded by Russian investors since January 2016. Formerly known as Failine Boats, the yard was on the verge of collapse, when it was bought out of administration in a deal allegedly worth £4.5 million.