British shipyard Fairline has appointed an interim administrator. FRP Advisory was appointed as administrator. The procedure of temporary administration is used when a company is in danger of liquidation or bankruptcy. The interim administrator will recapitalize the company or prepare it for sale in whole or in part.
Fairline employed 450 people at the beginning of the year, but after private equity firm Wessex Bristol bought the yard, the staff at the UK's largest shipbuilder was reduced by 180 people. Fairline expects further cuts in the short term, although the interim administration has pledged to retain a core staff to service existing orders and support liaison with dealers.
FRP Advisory said it would make a statement on the shipyard's future after assessing its financial position.
Fairline has been struggling financially for some time. According to local media reports, the company has not paid pension contributions for three months, although they are still deducted from workers' salaries.
Less than three months ago Fairline launched the new Targa 53GT, first launched at this year's Southampton Boat Show.