Oyster’s happy ending story. The construction site that risked bankruptcy is now in the black
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We could call it a story with a happy ending that of the British shipyard Oyster, back in the black after a turbulent past. Lovers of long sailing boats will remember the shipyard ‘s more recent history, reborn from the ashes after the case of the Polina Star II, the Oyster 825 that lost its keel and sank, an event that proved decisive in the shipyard’s failure.
Saved in 2018 by Richard Hadida
, patron of Evolution Gaming, a company active in the online casino industry, today finally Oyster is back in great form, marking its first month in profit in January.
The big bet of Oyster, the shipyard sunk and then reborn
It took a “gambler” to get the British shipyard Oyster out of trouble. When Richard Hadida took over the site the situation was certainly not rosy. Fixing a company’s balance sheet is one thing, but regaining the trust of owners after losing a boat at sea due to “structural failure” is by no means a given. Following the sinking of the Polina Star III(read the story here), Oyster was also forced to intervene on the other Oyster 825s in the series and change the construction process of the internal structure.
A winning bet, that of Richard Hadida, who acquired Oyster Yachts in 2018 with an additional investment of £14.5 million to expand the business. The Southampton-based shipyard reported a 29 percent increase in sales year-on-year to 56.4 million pounds in its recent financial results for 2022-2023. Oyster has increased its workforce by one-third during FY2023 at its three production sites in the UK: Saxon Wharf and Hythe Marine Park in Southampton and Wroxham in Norfolk.
“
Margins continue to grow and we have achieved positive EBITDA in recent months, which we expect to maintain
,” says CEO Ashley Highfield. “We are increasing investment in our yachts, with a focus on impeccable quality and craftsmanship.” The latest financial figures for January 2024, to be released next year, show a profitable month, and the shipyard expects an overall profit in the fourth quarter for fiscal year 2024.
Questa è la nuova barca del super ingegnere di F1 Adrian Newey
James Barbaro
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