Fairline confirmed the purchase of its assets by Russian investors

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Administrators from FRP Advisory officially confirmed the sale of Fairline assets to the newly created company Fairline Acquisitions, founded by Russian investors Alexander Volov and Igor Glyanenko. The price of the transaction amounted to about 4,5 million pounds. Karl Gilding, the former boss of Fairline, who left the company two years ago and moved to rival shipyard, Sunseeker, will take over the management of Fairline Aquisitions.

The new owner will transfer all operations to the Oundle plant. The second plant in Corby will be closed, and the small test facility in Ipswich is likely to remain operational.

The deal will allow the company to retain around 100 jobs.

Russel Currie has been appointed managing director of the renewed Fairline. Currie has been a Fairline dealer since 1998 and most recently led the company's sales in North Mallorca. During his career he has sold Fairline boats worth a total of £90 million.

Little is known about Fairline's Russian investors: they are reportedly long-term investors with experience in the marine business, based in the UK.

Fairline Boats was handed over to 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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