Yacht building: Oyster Yachts rescued - IT entrepreneur takes over luxury shipyard

As sudden and unexpected as the insolvency of the British shipyard was at the beginning of February, the news of a quick rescue has now come as a surprise. As former Oyster boss David Tydeman confirmed to YACHT online this evening, software entrepreneur Richard Hadida has taken over the business. This seems to have secured the luxury brand's existence.

"I'm sure that Richard will be able to take the next phase (company development, the ed.) with enthusiasm and care," says Tydeman. "We are handing over a great line of seven new models, a more coherent and global orientation of the brand." Oyster is the "explorer of yachting".

The new investor emphasised to the British daily newspaper "The Telegraph" that he wants to make a long-term commitment to the shipyard: "This is not just a hobby." He compared Oyster to car manufacturer Bentley, another British luxury brand: "I think we need to save it and rebuild it for the long term." However, he also emphasised that "hard and fast decisions" had to be made.

Richard Hadida himself has no experience in the yacht industry. He made his fortune as founder and mastermind of the software company "Evolution Gaming". The Stockholm-based IT company operates virtual casinos, among other things; last year, it made a profit of 62 million euros on a total turnover of just under 180 million euros, almost double the 2016 result.

Hadida told the English sailing magazine "Yachting Monthly" that he had financed Oyster from private funds. He is not planning to turn the shipyard upside down and sell it again straight away. "I got in to stay. It will be a business for life."

The gaming expert has already sought out capable managers for the necessary turnaround, including Kim Stubbs, the successful reorganiser of the motorboat manufacturer Sunseeker, and Oyster veteran Paul Adamson.

Hadida, who does not own a boat himself but often sails as a guest on board Formula 1 manager Eddie Jordan's Oyster 885 "Lush", says he wants to rethink the entire production process. And the model range is also to be expanded - downwards.

The new head of value also sees a market on this side of 47 feet. After Oyster had been expanding upwards for a long time, this may seem just as surprising as the quick rescue of the brand. However, this could actually be part of securing the company's future.

YACHT tv accompanied the first stage of the transfer of an Oyster 575

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Oyster 475 (pdf)