Entrepreneur Richard Hadida Acquires Oyster Yachts: Struggling U.K. luxury yacht builder Oyster Yachts has been purchased by gaming software entrepreneur Richard Hadida, just weeks after the Southampton-based manufacturer went into administration.
Oyster, known for its luxury sailing yachts, stopped operations in February, due to low margins and poor cost control. The situation was compounded by an insurance claim relating to the capsizing of the Polina Star III in 2015.
KMPG was brought in as the administrator to find a buyer for Oyster. The sale to Hadida should see most of the shipyard’s 420 staff re-employed at the company’s facilities in Norfolk and Hampshire. Hadida, who is the found of Evolution Gaming Group, a global software business is now the interim CEO in addition to owning the company.
The deal includes Oyster Marine Limited along with Oyster Marine Holdings, meaning the trademark and brand name, technical designs and drawings, build manuals, hull moldings, machinery and subsidiary shares, have all been purchased. The sale amount was not disclosed.
In a statement, Hadida indicated that he has sailed an luxury Oyster yacht for some years and his passion for the brand drove his decision to acquire the business. He also believes that the brand is central to the yachting world and notes that his investment in Oyster is not merely a hobby but a decision to turn the shipyard back into a sustainable business.
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