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Boating industry websites are reporting the following story.

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倪浩 Sunseeker

UK boatbuilder Sunseeker is in talks with a prospective Chinese owner, Chinese property firm Dalian Wanda, in a deal worth US$471m. Subject to regulatory approval, the purchase is imminent. ‘We are buying the best yacht company in the UK,’ Wang Jianlin, chairman of Beijing-based Dalian Wanda, was quoted as saying. If the deal is concluded, new investment will be forthcoming from the existing management and founder Robert Braithwaite.

Stewart McIntyre, Sunseeker’s CEO, said, ‘The discussions are ongoing and I cannot add any more. If they are successful it will not be a matter of months before reaching an outcome. Nothing will change. The current management team will remain including founder Robert Braithwaite. That was a pre-requisite for the talks going ahead.’

McIntyre declined to comment on reports that the possible purchaser is the Chinese group Dalian Wanda, the same company that McIntyre told IBI a few weeks ago was buying into Sunseeker China, one of the two Chinese mainland distributors of Sunseekers. On the prospect that these talks might draw other potential buyers, McIntyre said: ‘We will not be talking with anyone else.’

Gordon Hui of Hong Kong-based Sunseeker Asia, one of the top Sunseeker dealers in the world, pointed out that ‘This is a great step. I am delighted. The company is going to benefit from a huge boost in R&D. Wang Jianlin is himself a Sunseeker owner.’

The Sunseeker statement confirmed: ‘Sunseeker will remain a British company, headquartered in Poole, Dorset and will maintain its existing primary production bases in the UK, along with its current workforce and infrastructure. The existing management team and representatives of FL Partners will remain on the Sunseeker Boards, and founder Robert Braithwaite will continue to be involved in the business and remain as Group President.

‘The new majority shareholder, who has no current interest in the luxury motor yacht sector, supports Sunseeker’s commitment to superior products and its premium brand, both of which would be further enhanced by its investment,’ Sunseeker said.

‘If a deal is concluded, it will be fantastic news for the business, the wider Sunseeker ‘family’ and the motor yacht industry and will allow Sunseeker to expand its global base still further while retaining its current operational and manufacturing infrastructure at our headquarters in Poole.’

This isn’t the first move by a big Chinese firm into the luxury yacht sector – in January 2012, the Ferretti Group was sold to Shandong Heavy Industry Group-Weichai Group in a deal worth around €178 million.

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Nǐ hǎo – Suunseeker

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Dec 2013 STOP PRESS : Update : HanseYachts buys Sealine  :  https://maritimo48.com/2013/12/22/hanseyachts-buys-sealine/

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Original Story May 3013

It’s old news (from May 1st apparently) but it seems that Sealine the UK based boat manufacturer that has had a bit of a renaissance over the last few years with some interesting models and design features has gone into administration. The much vaunted “recovery” in boat sales came a bit to late for this brand. Problems in achieving Sales perhaps coming from the change in type of boats buyers are looking for nowadays ?

Here are some Press Reports on Sealine’s demise from around the web.

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Private equity-backed yacht builder Sealine goes bust

1 May 2013

US-based private equity firm Oxford Investment Group has failed to turn around luxury yachts builder Sealine International, which has collapsed into administration.

Graham Bushby and Guy Mander of Baker Tilly Restructuring and Recovery will now take over as joint administrators of the West Midlands-based business.

Sealine has underperformed for a number of years. In 2011, the company posted a £4m loss on revenues of £33m.

Oxford acquired Sealine in August that year and said it would work on expanding the business.

Baker Tilly partner Graham Bushby said, “We appreciate that there will be great uncertainty among staff and we will endeavour to update them at the earliest opportunity.

“We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business.”

Oxford, which is headquartered in La Jolla, California, targets underperforming or growth companies with revenues of over $20m in the US, Western Europe, Australia and China.

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Sealine boat builders: 234 made redundant

Sealine factory in Kidderminster
Sealine has been trading from Kidderminster for over 40 years

Administrators at a Worcestershire luxury boat company have issued redundancy notices to 234 staff.

Sealine in Kidderminster is one of Europe’s biggest makers of boats.

Baker Tilly Restructuring and Recovery LLP said it was assisting staff “to make claims against the government redundancy fund”.

Sealine has been trading since 1972. It was bought by the Brunswick Corporation in 2001 and was sold to another US firm, Oxford Investment Group, in 2011.

Administrator Graham Bushby said: “We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business.”

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May 16, 2013 10:59 am

Firms throw new jobs lifeline to axed workers at Sealine boat company

Workers axed by luxury Midland boat maker Sealine are being thrown a lifeline from companies far and wide who are seeking skilled engineers.

Major yacht-builders Sunseeker, in Dorset, have told Wyre Forest MP Mark Garnier they are keen to recruit up to 82 skilled marine engineers and boat-builders from the 234 staff made redundant from Sealine, in Kidderminster, two weeks ago.

While Jaguar Land Rover have contacted the Community Union inquiring about maintenance technicians and engineers for its plant in Castle Bromwich.

Hatt Kitchens, in Hartlebury, have also requested carpenters through the Job Centre, while Cab Automotive, in Tipton, and Breakwells, in Kidderminster, are looking for drivers.

Sunseeker and Jaguar Land Rover are among the firms which will send representatives to a jobs fair at Kidderminster Town Hall between 10am and 2pm on June 7.

MP Mark Garnier, who is spearheading the fair, said: “What is fascinating is that we have been taking calls from Sunseeker and Jaguar Land Rover who are seeking skilled workers.

“I am quite optimistic that these workers from Sealine will be picked up quickly by other companies.

“We now have 40 companies represented who will be showcasing themselves at the fair and seeking to take on workers. We expect about 300 to 400 jobs to be on offer.”

Baker Tilly Restructuring and Recovery was appointed administrators for Sealine following the announcement of their collapse.

Spokesman Frank Shepherd said they had already received interest from 50 parties, with some shown round the site, but said there was no further update.

He said: “We have shown people around the Kidderminster site and have received an encouraging level of interest.

“We are hopeful of a sale but there are never any guarantees.”

Meanwhile workers from Sealine are battling for compensation.

More than 100 workers made redundant by the Kidderminster firm packed a meeting organised by the Community Union last week.

Officials are now applying for a protected award on behalf of the 234 staff and will also pursue unfair dismissal claims.

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Came upon this interesting take on “Boat Asia 2012”, with some nice photos. I did’nt make it along to the show so interesting to get this persons account on the show. Must say it looks like the 2012 edition was quite a bit smaller than previous years shows. All credits to http://ponderouspilgrim.wordpress.com for the article and photos. Suggest you head over there to read the article in full and see all the photos in full detail.

The Ponderous Pilgrim

Reflections condominium, Boat Asia 2012, Marina @ Keppel BayBoat Asia 2012, Marina @ Keppel Bay
Boat Asia 2012, Marina @ Keppel BayBeneteau First 40.7, Boat Asia 2012, Marina @ Keppel Bay

Reflections at Keppel Bay condominium overlooking Boat Asia 2012, Marina @ Keppel Bay, Keppel Island. Was pleased to see the French Beneteau First 40.7 i spent 5 days on for my RYA competent crew cert.

Sea Bear, Boat Asia 2012, Marina @ Keppel BayGolf Clubs, Sea Bear, Boat Asia 2012, Marina @ Keppel Bay
Bed Room, Sea Bear, Boat Asia 2012, Marina @ Keppel BayBath room, Sea Bear, Boat Asia 2012, Marina @ Keppel Bay
Bath Tub, Sea Bear, Boat Asia 2012, Marina @ Keppel BayPGA Championship Room, Sea Bear, Boat Asia 2012, Marina @ Keppel Bay
PGA Championship Room, Sea Bear, Boat Asia 2012, Marina @ Keppel BayBathroom, Sea Bear, Boat Asia 2012, Marina @ Keppel Bay
Sea Bear, Boat Asia 2012, Marina @ Keppel BaySea Bear, Boat Asia 2012, Marina @ Keppel Bay

There was a long queue to see the Westport 130 christened “Sea Bear” which used to be owned by Jack Nicklaus (a visiting teen, unable to distinguish the two, thought it was Jack Nicholson’s). Decent enough interior, though “golf museum” it isn’t really, unless you count a bunch of clubs and rooms named after championships. We weren’t allowed to see the pilot house, which i was most curious about. For sale at S$60 million or rent.

The rest of the boats were rather entry-level crafts, probably pitched at the tentative new boat owner.

Boat Asia 2012, Marina @ Keppel BayBoat Asia 2012, Marina @ Keppel Bay

Sealine F42 and Sealine SC35, the latter being an entry-level ship. I thought the former quite practically-designed – decent…

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