The new owners of the company decided to put 3.5 million euros to assist in financing the company’s on going restructuring programme.
Capital stated that, as planned when it acquired the company, it had provided UK based Fairline Boats with an additional 2mil € to add to its purchase investment of 20mil € from its BECAP Fund LP (Fund 1) to assist in financing the company’s on going restructuring programme.
West Register (Investments) Ltd, a subsidiary of the Royal Bank of Scotland and a minority shareholder in Fairline provided a further 1.8mil € for the same purpose.
Better Capital, which became a public company listed on the main London exchange in January 2012 was established to invest specifically in distressed companies which had operating difficulties but good long term growth potential and that its BECAP Fund LP ( Fund 1) now has 15 such companies in its portfolio including Readers Digest, Jaeger and Fairline.
Commenting on Fairline’s progress since its acquisition in October 2011, Better Capital stated that the company showed improvements in labour productivity and whilst demand for luxury yachts remained subdued the business is performing well and reaction to new product releases was favourable.
