A statement from British Marine regarding Oyster Yachts Ltd

By | May 24, 2018

Recent reporting has raised a number of questions related to British Marine’s decision to approve Oyster Yachts Ltd’s new membership application, and more specifically, the outstanding debt owed to several members following the demise of Oyster Marine Ltd. In response, British Marine believes it is important to provide some additional clarity to ensure its members are fully informed of the specific circumstances and the proactive steps it is taking.

British Marine is proud to represent the very best marine businesses across the UK and, to ensure it stays that way, there is a rigorous vetting process for new applications.

In the case of Oyster Yachts Ltd, as a new business, it is required to join British Marine as a ‘Start-Up’ member. Start-Up membership applies exclusively to companies who are newly trading, and limits their use of the British Marine logo and branding.

The British Marine membership committee determined Oyster Yachts Ltd to be a genuine new entity; in part, because it shares no owners or directors with Oyster Marine Ltd. Had this not been the case, British Marine would have rejected the application, as it would breach the existing membership terms and conditions.

The British team behind Oyster Yachts Ltd has safeguarded the future of an iconic brand and will secure dozens of highly skilled jobs in the Norwich and Southampton areas, as well as contributing to the wider supply chain economy. British Marine naturally wants to support Oyster Yacht Ltd’s efforts to the benefit of the whole marine industry, but this would never displace British Marine’s commitment to existing members.

Since the announcement of Oyster Marine Ltd. entering administration, British Marine has been working with key companies in the supply chain to assist with asset recovery, as well as reviewing contracts and industry processes. British Marine also offers all members access to 24/7 legal assistance and encourages any member impacted by recent developments to get in touch via the British Marine website.

British Marine exists to promote, support and protect the UK’s leisure, small commercial and superyacht industries. It actively encourages member involvement through its range of associations and committees, and all comments on the issues that are impacting the industry are welcome. The participation of members is fundamental to British Marine’s mission and ensures it can make strong cases to the highest levels of Government.

2 thoughts on “A statement from British Marine regarding Oyster Yachts Ltd

  1. K

    clearly not a new business as it is selling the same product, finishing existing contracts, in the same premises, with the same staff. While I’m pleased to see the brand saved, it should not be at the expense of the creditors. If the brand, product and facilities are good enough to buy out, then the buyers should also take on the debts.

    Thankfully, they don’t owe me anything

  2. Alan

    To take on the debt AND kickstart the ‘new’ company would be totally unrealistic for a new owner. At least jobs have been secured and some supply companies may well continue too work with the new company providing income. Its not ideal in everyones view but it is the best way forward

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