Receivers appointed to luxury boat builder RivieraDOWNLOAD
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes, have been appointed as Receivers and Managers of luxury boat builder, Riviera.
The appointment of Receivers followed a request from the Directors that an appointment be made.
Riviera is Australia’s largest and most awarded luxury boat builder and operates a state-of-the-art boat building facility in Coomera in south-east Queensland. The purpose of the Receivership is to continue trading and to restructure the business in order to survive the current economic climate while continuing to provide a high quality Australian product.
The company has for the last 30 years built Flybridge boats, offshore express models and sport yachts. The company exports approximately 50 per cent of its annual production to a dealer network that spans more than 30 countries and every continent in the world.
According to Mr Campbell, in the last 12 months the company’s sales have been significantly impacted by the downturn in the economy.
“The Receivers and Managers are looking to preserve the long term viability of the business, restructure the business and sell it as a going concern. This process may take some time,” said Mr Campbell. “Our first task will be to review the financial position of the company to evaluate the best possible outcome for creditors and other stakeholders with interests in the business.”
Mr Campbell said, “Our key focus is to ensure the continued trading and preservation of employee jobs, as well as to derive and implement a restructuring plan. This will allow us to continue to care for the needs of the strong customer base.”