Until a few days ago, everything seemed promising for the award-winning UK yacht builder Oyster Marine. Oyster had a record year in 2017. Their order-book stood at $70 million and they had gotten a great response to their Oyster 745 on display at the Düsseldorf 2018 boat show in January. Cruising World magazine honored the model as ‘Best Luxury Cruiser’ in its 2018 Boat of the Year Awards. Then, on Monday, an announcement was made — Oyster Marine is being liquidated. 400 jobs are expected to be lost.
What happened? The simplest answer may be that private equity gives and private equity takes away. The firm’s current owner, the Dutch private equity firm, HTP Investments, is believed to have withdrawn its financial support for the firm.