British yard Oyster Yachts ceasing operations

The British luxury yacht builder Oyster Yachts, based in Southampton, announced redundancy to its staff on Monday 29th January 2018.

Speaking yesterday, David Tydeman, CEO of Oyster Yachts said, “We are not in administration at the moment and we are not in liquidation. Yesterday, however, we did start a consultation with all staff about potential redundancy, because we do not have the means to pay them at the moment.”

The news comes as a shock as the British yard recently reported its largest ever order book, in excess of 80 million pounds. It also launched its new Oyster 745 at boot Düsseldorf last month and had the biggest sailing yacht on display at the show.

HTP Investments is said to have withdrawn financial support for the company that it acquired in 2012. The acquisition included the Oyster Group companies Oyster Marine Ltd, Oyster Brokerage Ltd and Southampton Yacht Services Ltd.

The news has taken staff and others in the industry by surprise. Tydeman said today, “We are in the process of entering administration. I can confirm that all staff were made redundant last night.”

He added, “It is with sincere regret that we advise that the company has been unable to secure financial support to enable it to continue to trade at this time and it is looking at all opportunities available. Further information will be issued as soon as we can”.

Sources suggested the company may have lost money dealing with structural problems following the sinking of the Oyster yacht Polina Star III in 2015. At the time, the team said they were working with independent experts to review the design and construction of the Oyster 825.

Oyster employed more than 160 workers across facilities in Southampton and Norwich, as well as offices in Ipswich, Mallorca and Newport, Rhode Island. Recent projects for the yard included building several 35m (118 foot) superyachts. The two Oyster 118 projects due for delivery in 2018 and 2020 have now been suspended.

Oyster Yachts is expected to release a full statement in the coming days.

Superyacht News
March 15, 2023
Best Yacht Crew Jackets: Product Review
Best Yacht Crew Jackets: Product Review

A jacket completes any crew member's uniform so it's an important garment to get right. In this Tried & Tested, Sea Design pits eight popular jackets against one another to determine which one is best for superyacht crew in 2023.

By Nathan Bees
April 19, 2023
iAQUA Sea Scooters: Product Review
iAQUA Sea Scooters: Product Review

iAQUA creates high-performance, technologically advanced underwater scooters. In this Tried & Tested, a team of experienced testers have rated and reviewed the AquaDart Pro and AquaDart Nano series to reveal the stand-out iAQUA sea scooter.

By Holly Sanderson
June 17, 2022
Best Yacht Water Toys 2022: Product Review
Best Yacht Water Toys 2022: Product Review

In our 2022 Tried & Tested, yacht toy specialist EAMS and a group of captains and crew review a selection of the very best luxury water toys on the market. Find out which toy was crowned the winner...

By Hannah Rankine

Finished reading? Now find your perfect supplier.

Search our industry-leading directory for over 20,000 superyacht suppliers, providers and marinas.

Search now