Fairline Yachts benefited from the participation of Russian investors

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A British shipyard Fairline YachtsThe company, which was facing liquidation 2 years ago, plans to invest £30 million in the construction of its new 20,000-square-metre facility.

The move will allow the shipbuilder to expand its range with boats over 18 metres in length.

In 2016, when the yard was handed over to interim administrators and forced to lay off almost half of its employees, the salvation for it was the purchase of assets by Russian investors Alexander Volov and Igor Glyanenko.

This not only enabled the yard to stay afloat, fulfill existing orders and show at the boat show within the next month after the deal, but also set an ambitious goal for the next four years - to enter the 20-30 m yacht market.

The facility will be based at Hythe Marine Park, the former Hampshire Air Force base. Thanks to its deep-water berths, the yard will be able to produce and transport boats over 18 metres in length which the existing facility in Oundle is unable to do.

Fairline managing director Russel Currie commented: «As the global yacht market continues to grow, customers from all over the world are increasingly requesting larger boats than we can produce. Our new facility, which will be called Fairline Marine Park, will boast state-of-the-art facilities, giving us the opportunity to develop and build larger boats. At the same time we will be making the most of our existing boat building skills here».

The new facility is expected to be operational as early as next year, which will create 200 new jobs. At the same time, the plant in Oundle will continue to produce boats up to 18 metres in its entirety.

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