The ill-fated Polina Star 111 has been described by Oyster Marine CEO David Tydeman as the main cause of the recent collapse of the company, with the insurance claims that followed the sinking of the boat in 2015 placing an insurmountable burden on the company.
But following expressions of interest in taking over the various UK assets of Oyster Marine, KPMG, the administrator for Oyster Marine Holdings in the UK, already has 45 expressions of interest in purchasing the Oyster Yachts brand.
We have to hope the brand doesn’t disappear from the UK…
KPMG will start the process of working through the expressions on interest this week with NDAs and bids and suggest it will likely take several weeks to complete the process.
Polina Star 111 sank off Spain in July 2015, generating a claim and counter claims of £7.2m. To date, only £400,000 has been paid, leaving a £6.8m amount to be settled.
It seems owners of high priced yachts often choose not to insure their sailing pride and joy, relying instead on their own pockets to offset any claims that might arise.
The major claim in this instance is the one against Oyster Marine, with counter claims against Bridgland Moulders, the Norwich-based sub contractor, which have delayed the entire process. The delays led to fears the claim might be unpaid by the time the company’s shareholder, HTP Investment, had to pay the claim against Oyster Marine.
Payment of the claim against Oyster and the counter claims against Bridgland Moulders, have been continually delayed. As a result, HTP Investment became impatient over the delays, so withdrew their support, says Oyster Marine.
HTP feared Oyster Marine’s claim against Bridgland would be unpaid by the time they had to pay out.
The claim against Bridgland alleges improper moulding of the Polina Star 111 and other yachts. The delays to the claim had been due to be heard late last year.