bbsboat
New Member
Anyone know about Mustang?
Mustang Marine Group was placed into receivership ?
- Thread starter bbsboat
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colingr
Well-Known Member
Mustang Marine goes into receivership
By IBI Magazine
Mustang Marine, one of Australia's main boatbuilders, has gone into receivership. The manufacturer is based in Queensland, and builds boats from 28ft-56ft (8.5m-17.1m). It employs 400.
According to a story on www.goldcoast.com.au, Mustang has been put under control of Sydney-based receiver Steve Sherman. Sherman released a statement on Friday after taking control of the business saying that he was hopeful of finding a buyer.
The website reported that both of its Molendinar factories were locked, and that angry workers were turned away by security as they tried to retrieve their tools.
The story said that the company had been seeking to relocate its manufacturing facilities to Asia.
The receivership comes almost two years after Mustang's board of directors announced they would invest AUS$10 million into the business for an expansion into export markets. The company said it wanted to increase exports from 20 to 50 per cent of total sales. That announcement followed a $65 million management buyout from former owner Gary Garoni.
Sherman said the receivership was in its early stages. "We are assessing the situation and are working closely with all stakeholders of the business in order to maximise the value of the Mustang group," Sherman told the website. "We hope to be able to find a buyer for the business in a relatively short period of time."
Sherman said he wants to maintain the business as a going concern. "Our ability to continue the operations of the business depend upon achieving co-operation and support from the key suppliers to the business, including the landlord of its premises," he said in a statement. "We are hopeful that these parties will appreciate the commercial sense in protecting the business and agree to work with us in maintaining the business operations while a purchaser for the business is sought."
http://www.ibinews.com/ibinews/newsdesk/20070925102316ibinews.html
(25 October 2007)
By IBI Magazine
Mustang Marine, one of Australia's main boatbuilders, has gone into receivership. The manufacturer is based in Queensland, and builds boats from 28ft-56ft (8.5m-17.1m). It employs 400.
According to a story on www.goldcoast.com.au, Mustang has been put under control of Sydney-based receiver Steve Sherman. Sherman released a statement on Friday after taking control of the business saying that he was hopeful of finding a buyer.
The website reported that both of its Molendinar factories were locked, and that angry workers were turned away by security as they tried to retrieve their tools.
The story said that the company had been seeking to relocate its manufacturing facilities to Asia.
The receivership comes almost two years after Mustang's board of directors announced they would invest AUS$10 million into the business for an expansion into export markets. The company said it wanted to increase exports from 20 to 50 per cent of total sales. That announcement followed a $65 million management buyout from former owner Gary Garoni.
Sherman said the receivership was in its early stages. "We are assessing the situation and are working closely with all stakeholders of the business in order to maximise the value of the Mustang group," Sherman told the website. "We hope to be able to find a buyer for the business in a relatively short period of time."
Sherman said he wants to maintain the business as a going concern. "Our ability to continue the operations of the business depend upon achieving co-operation and support from the key suppliers to the business, including the landlord of its premises," he said in a statement. "We are hopeful that these parties will appreciate the commercial sense in protecting the business and agree to work with us in maintaining the business operations while a purchaser for the business is sought."
http://www.ibinews.com/ibinews/newsdesk/20070925102316ibinews.html
(25 October 2007)
Whitelighter
Well-Known Member
Only what has been reported on the IPC sites.
I have to say that their marketing in Europe has always seemed a bit hit and miss, and they have had a number of dealers/distributors in a fairly short space of time.
That said, their presence at SIBS seemed strong, with a number of boats and seemingly decent interest. Hope there aren't any customers affected - or the importer Whitty Marine for that matter
I have to say that their marketing in Europe has always seemed a bit hit and miss, and they have had a number of dealers/distributors in a fairly short space of time.
That said, their presence at SIBS seemed strong, with a number of boats and seemingly decent interest. Hope there aren't any customers affected - or the importer Whitty Marine for that matter
Nautorius
Well-Known Member
Bad news for Sneddon, although at the price he paid he should not suffer on residuals!
Got to say their larger Hard Tops were bl**dy ugly!
Cheers
paul /forums/images/graemlins/smile.gif
Got to say their larger Hard Tops were bl**dy ugly!
Cheers
paul /forums/images/graemlins/smile.gif
lovezoo
Well-Known Member
Someone will probably buy the company from the receiver. But if they don't and no more boats are made, will that hurt or help the residuals as there would be no more supply?
Nautorius
Well-Known Member
Given the benchmark of 'Birchwood' .....it would hurt!
Same happened with Mariah, although as the name was bought and they now trade less of a case!
Cheers
Paul /forums/images/graemlins/smile.gif
Same happened with Mariah, although as the name was bought and they now trade less of a case!
Cheers
Paul /forums/images/graemlins/smile.gif
Sneds
Well-Known Member
Paul, thanks for your concerns but as you said, we bought at the right price!
Don't see why the demise of the company should affect 2nd hand values? Anyway, she's a boat not an investment. /forums/images/graemlins/grin.gif
Feel a bit sorry for Whitty Marine as they have just taken on the UK distributorship and of course those employed by the company, hope any deposits are safe.
Reckon someone may but the company from what the reciever says.
Don't see why the demise of the company should affect 2nd hand values? Anyway, she's a boat not an investment. /forums/images/graemlins/grin.gif
Feel a bit sorry for Whitty Marine as they have just taken on the UK distributorship and of course those employed by the company, hope any deposits are safe.
Reckon someone may but the company from what the reciever says.
GMac
Well-Known Member
Most Mustangs and Riviera's here are driven by idiots, not all but most. Less Aussie fizz nasties hurtling around the harbour under auto-pilot running over yachts and kayaks works for me. Sad to see it happen that way though.
Sneds
Well-Known Member
?