Fairline Boats purchased

[crazy4557]

Re: Fairline makes boat show comeback in Miami

Not heard anything from the administrators for a while. Not expecting to get paid but if it happens then that's a result.

 

[MapisM]

Re: Fairline makes boat show comeback in Miami

I hope that once the Administrator has taken his cut there's JUST enough to pay BC, what's owed to staff and their pensions plus all the creditors (some of whom I know frequent these fora).

I also hope so of course, but I wouldn't hold my breath - particularly for the latter in your list.
Incidentally, I discovered only recently that when SHIG bought Ferretti, all creditors were paid in full.
But I'm afraid that's rather the exception than the norm, in these cases....

 

[Omegaelite]

Re: Fairline makes boat show comeback in Miami

I thought this was supposed to be a thread about fairline boats? There are 10 pages on the car industry, government policy and general drivvle that has nothing to do with fairline boats.

Firstly why does everybody hate he t53 so much? Compared to my t47gt i fell in love with the t53open and much preffered it to the princess.
Secondly , more importantly for existing fairline owners does anybody know when spares will come back online , i have loads of bits i need and bates are busy dancing round hambags no answering any questions , been waiting three months now and still no answers

 

[petem]

Re: Fairline makes boat show comeback in Miami

I also hope so of course, but I wouldn't hold my breath - particularly for the latter in your list.
Incidentally, I discovered only recently that when SHIG bought Ferretti, all creditors were paid in full.
But I'm afraid that's rather the exception than the norm, in these cases....

Just a reminder, nobody bought "Fairline" as SHIG may have done with Ferretti. Fairline Yachts is a new company and only bought the name and assets. It's down to Fairline Boats to pay the creditors. Also, the people running and hopefully investing in the business now are not the same people who owned the old company.

I have zero inside knowledge but I sincerely hope that there's some money left over to pay the creditors more than the 10p in the £ that they were offered by WB. I imagine the new owners of Fairline Yachts feel the same despite it not being their responsibility.

 

[Deleted User YDKXO]

Re: Fairline makes boat show comeback in Miami

I have zero inside knowledge but I sincerely hope that there's some money left over to pay the creditors more than the 10p in the £ that they were offered by WB. I imagine the new owners of Fairline Yachts feel the same despite it not being their responsibility.

I've been in business a long time and had a few customers go bust on me. If creditors get 10p in the £ it will be a miracle and if there is any money left after the administrators have taken their fat fees, it will go to secured creditors like banks and preferential creditors like employees who haven't been paid. Suppliers are generally unsecured creditors and by definition are at the back of the queue. Best for unsecured creditors to put it down to experience, move on and promise themselves to improve their own credit control system

 

[MapisM]

Re: Fairline makes boat show comeback in Miami

Just a reminder, nobody bought "Fairline" as SHIG may have done with Ferretti.

TBH, I never checked (nor I cared one bit) how the SHIG/Ferretti deal was structured, but in this context I don't think it matters a lot, P.
When a company is basically bankrupt, as Ferretti was (and with amounts involved much larger than FL btw), for anyone willing to give it another chance, getting rid at least of some of the previous debts is a cat that can be skinned in more ways than one, particularly when there isn't exactly a queue of buyers outside the door.
Therefore, the typical final result is exactly the one Deleted User explained, regardless of the deal structure.
That's the reason why I said that Ferretti was an exception, and a remarkable one at that: when I said "in full", I did mean 100%!

 

[petem]

Re: Fairline makes boat show comeback in Miami

TBH, I never checked (nor I cared one bit) how the SHIG/Ferretti deal was structured, but in this context I don't think it matters a lot, P.
When a company is basically bankrupt, as Ferretti was (and with amounts involved much larger than FL btw), for anyone willing to give it another chance, getting rid at least of some of the previous debts is a cat that can be skinned in more ways than one, particularly when there isn't exactly a queue of buyers outside the door.
Therefore, the typical final result is exactly the one Deleted User explained, regardless of the deal structure.
That's the reason why I said that Ferretti was an exception, and a remarkable one at that: when I said "in full", I did mean 100%!

In this case, it would appear (to me) to depend on how much debt had been built up during BC's ownership and, as Mike says, how much of this owed to secured and preferential creditors. But I believe wages and pension contributions were being paid until the WB debacle. WB did complain about a large tax bill shortly after they took over but (at least HMRC are no longer a preferential creditor).

Alas, I suspect you are right, there won't be much left over for the Crazy4557 and others.

 

[petem]

Re: Fairline makes boat show comeback in Miami

I thought this was supposed to be a thread about fairline boats? There are 10 pages on the car industry, government policy and general drivvle that has nothing to do with fairline boats.

Firstly why does everybody hate he t53 so much? Compared to my t47gt i fell in love with the t53open and much preffered it to the princess.
Secondly , more importantly for existing fairline owners does anybody know when spares will come back online , i have loads of bits i need and bates are busy dancing round hambags no answering any questions , been waiting three months now and still no answers

Hi Omegaelite, and welcome to the forum.

The crux of the Targa 53 criticism is the limited headroom in the mid/master cabin. Interestingly another c.50 foot Targa owner I am in contact with also loved the boat and Fairline did take orders for it despite the issues that they were having at the time. I think there was a whole thread devoted to the 53 but can't find it now.

Regarding spares, I'll see what I can find out. If Bates aren't answering your email then you could also try calling the factory or another dealer such as Burton Waters. Alternatively, go to the relevant manufacturer directly (there's a list on my website here - http://www.fairlineownersclub.com/viewtopic.php?f=12&t=1395) - what is it you're after?

Cheers, Pete

 

[jrudge]

Re: Fairline makes boat show comeback in Miami

As a long time Fairline owner there is very very little you need to source from Fairline direct. They buy it in.

If you have a piece you can't find on pete link above then post a pic here and someone will know where it came from.

Alternatively ask boats.co.uk they will know more than anyone I suspect

 

[admillington]

Re: Fairline makes boat show comeback in Miami

I thought this was supposed to be a thread about fairline boats? There are 10 pages on the car industry, government policy and general drivvle that has nothing to do with fairline boats.

Firstly why does everybody hate he t53 so much? Compared to my t47gt i fell in love with the t53open and much preffered it to the princess.
Secondly , more importantly for existing fairline owners does anybody know when spares will come back online , i have loads of bits i need and bates are busy dancing round hambags no answering any questions , been waiting three months now and still no answers

I am surprised that Bates are not attentive as that isn't like them - have you phoned them?

 

[PowerYachtBlog]

Re: Fairline makes boat show comeback in Miami

I also hope so of course, but I wouldn't hold my breath - particularly for the latter in your list.
Incidentally, I discovered only recently that when SHIG bought Ferretti, all creditors were paid in full.
But I'm afraid that's rather the exception than the norm, in these cases....

But if I remember well, Ferretti Group was never in the administration faze, although very close to it.

 

[henryf]

Re: Fairline makes boat show comeback in Miami

I thought this was supposed to be a thread about fairline boats? There are 10 pages on the car industry, government policy and general drivvle that has nothing to do with fairline boats.

Firstly why does everybody hate he t53 so much? Compared to my t47gt i fell in love with the t53open and much preffered it to the princess.

I totally agree. I have been skimming across this thread for some time now. Maybe I'm just not clever enough to understand the debate. That or it really is drivel

In answer to the 53 question, I'm assuming you didn't go inside. From the outside not a bad looking boat, I appreciate beauty is in the eye of the beholder & all but there is nothing to offend. The problem comes with the internal use of space. What was it about the Princess which disappointed you because I would say they are the people to beat at the moment. Flat floors, good headroom, large windows and from there the ability to create a likeable and sociable space.

Contrast that with the Fairline 53. Huge step in the middle of the Saloon, wasted space to Starboard, seating on Port side too small to actually sit in. Try it. Have 3 adults sit down and see what happens with your legs & knees. Then go down below and in spite of the huge saloon step the is no headroom in the master cabin. At 6 foot 2 inches I was looking straight at a wall, I couldn't see the bed. At 5 foot 2 inches I might have been ok and possibly this may be where some liked it.

I'm known for my love of Princess but only because objectively I think they are class leaders at the moment. I'm critical when I think they get it wrong as they did with the P52. I was genuinely excited at the prospect of Fairline coming back into the game with a bang up to the minute "new" 53 which adressed all the issues which prevented me buying Fairline again (we had a Phantom 42 once). All the mistakes are still there I'm afraid. Nothing has changed.

Henry

 

[petem]

Re: Fairline makes boat show comeback in Miami

As I said in the Princess 49 thread, that boat will have two steps to the middle of the saloon. So much for flat floors. Regarding the T53, the mere fact that you weren't alone in your criticism Henry does mean the issues you frequent remind of us do need to be carefully considered and addressed as required. I also know that the new management are keener than the old lot to get these things right and prevent future issues.

As for being 5'2", I'm not THAT short!

 

[petem]

Re: Fairline makes boat show comeback in Miami

Despite my defensiveness, I don't think the "Without Compromise" was a clever marketing tag line for this model as clearly compromises were made with this and the vast majority of other boats of this size.

 

[admillington]

Re: Fairline makes boat show comeback in Miami

I thought this was supposed to be a thread about fairline boats? There are 10 pages on the car industry, government policy and general drivvle that has nothing to do with fairline boats.

Firstly why does everybody hate he t53 so much? Compared to my t47gt i fell in love with the t53open and much preffered it to the princess.
Secondly , more importantly for existing fairline owners does anybody know when spares will come back online , i have loads of bits i need and bates are busy dancing round hambags no answering any questions , been waiting three months now and still no answers

What is on your list of required parts as this forum is a great source of knowledge and I would expect you could find the majority.

 

[PowerYachtBlog]

Re: Fairline makes boat show comeback in Miami

Despite my defensiveness, I don't think the "Without Compromise" was a clever marketing tag line for this model as clearly compromises were made with this and the vast majority of other boats of this size.

I think the main problem of the 53 Targa is that in the end it is a modified of the previous 50 series.
Now the 50 series was hailed as a new break through model for Fairline with a lot of the exercise going into fitting a very spacious forward owners cabin which has the same space of most full beam owners cabins located at midships plus more headroom of boats in similar size.
The number of sales for the Fairline 50 as we heard where not very good, but was the fault of the layout. Of that I am not sure. On my first sight of a 50 Targa GT (interestingly we have three in Malta [2 came new], and only one V52), and when I saw the first 50 what I did not like was the low sides and small aft deck for a boat measuring 16 meters. Look at the 47 Targa GT and the boats feels more secure if you are in your aft deck.
As a whole the 50 Targa GT oozes outside quality, even more then the Princess V52 which is nowadays one of the longest produced Princess.
Now with the 53 the boat seems extended at the back to solve the issues I mention, and the front looks even shorter then it looked on the 50.
Without seeing a 53 for real, on pictures I say that she is less eye candy boat that the 50 is IMO.
A similar exercise was done with the 58 Targa GT when it became the 62, and the result was IMO the same.

I always say eye candy is everything especially for a brand as Fairline which has always been hailed as bringing a very balance of sportivity and elegance to its models.
I always call it as a cross over to the extremes of Sunseeker sports looks to the elegant and conservative Princess.

 

[MapisM]

Re: Fairline makes boat show comeback in Miami

I'm known for my love of Princess but only because objectively I think they are class leaders at the moment

With respect, you must obviously mean "UK class leaders".
If that - I'm sure some S/skr aficionados would still argue...

 

[MapisM]

Re: Fairline makes boat show comeback in Miami

But if I remember well, Ferretti Group was never in the administration faze, although very close to it.

You might well be right, W.
Then again, it's just a matter of finding an appropriate way to skin that cat.
I guess (and in a sense I hope!) that they negotiated a substantial debt reduction from the "big" creditors, i.e. banks and shareholders, regardless of whether the Group went through administration or not.
Still, chapeaux to the SHIG folks who didn't even ask the suppliers (let alone workers!) to contribute to the rescue.

PS: with apologies to the purists who mentioned that this debate is o/t. But is it, really?

 

[henryf]

Re: Fairline makes boat show comeback in Miami

With respect, you must obviously mean "UK class leaders".
If that - I'm sure some S/skr aficionados would still argue...

Of the builders I have seen at sensible overall lengths I've not seen anything to beat them. There are some builders such as Ferretti who have eluded me, not for lack of trying on my part. They just wouldn't let me on them at the boat shows. Sales prevention staff got in the way

I don't claim an encyclopaedic knowledge of builders though. My sea is a very small one

Henry

 

[MapisM]

Re: Fairline makes boat show comeback in Miami

Well, also Princess builds boats whose length is well above my very own concept of "sensible"...
And generally speaking I agree, the segment of their range where there are several other builders I would consider before them is the upper one.
But it's not like in the 50' to 60' range Princess is the only builder that would pop to my mind, head and shoulders above the rest...