Fairline Boats, the maker of motor cruisers and yachts up to a value of £2m, has decided not to sell and will instead raise capital from its 3i backers to help it trade through the recession.
3i and Fairline were hoping the business would fetch £100m, and retained bankers Cavendish Corporate Finance in November 2008, however buyers were not forthcoming after having been scared off by the severe curtailing of spending on luxury products.
Candover Investments, the beleaguered private equity finance house, has been forced to write off its £48m investment in Ferretti, the top-end luxury yacht-maker. Analysts comment that Fairline is better off in that it has lest debt than Ferretti, and caters to a broader lower-end yachting fraternity.
Nevertheless, Fairline is acutely aware of the tight conditions and has lowered its sales forecasts by 25% for this year.
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