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Britain's largest shipyard Fairline to move to Russia

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Russian Fairline investorsAlexander Volov and Igor Glyanenko intend to close Fairline's only plant in Ondla and move all production operations to Saratov, sources familiar with the situation told ItBoat.

The plant Fairline will be located on the shore of Volgograd water storage basin. The management of Fairline has already made an agreement with the city administration to lease the territory of 10 thousand square meters. The local authorities declared that they are ready to support the British manufacturer, whose coming to Saratov will guarantee 450 extra jobs for the city. Construction of the plant is to be completed by the end of 2017, and this year Fairline will bring its model range to the Volga Boat Show which will be held in June in Togliatti.

Alexander Volov and Igor Glyanenko bought Fairline in early 2016. The deal was worth around £4.5m. Fairline Boats was taken over by an interim administrator in early December. The company had previously sacked 185 people who had not been paid for 10 months. Last year Fairline's previous owner Better Capital valued the yard at £13.5m.

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