May 21 2013 Latest news:
By annabelle dickson Business writer
Wednesday, June 13, 2012
The managing director of the luxury yacht firm Oyster Group said a takeover deal with a North Norfolk boat firm will secure jobs in the community.
The company announced today it has taken over the Oyster yacht division of E C Landamore & Co after 40 years of working with the firm.
The deal will see production facilities in Norfolk transfer to the Oyster Group, along with a team of around 70 staff who will now be employed by Oyster.
Oyster chief executive David Tydeman said: “I am delighted that Anthony Landamore and I have reached this agreement and that Oyster can plan an investment in production in Wroxham, securing jobs in the community.”
Oyster has longer term plans to expand the yard in Tunstead Road in Hoveton.
Mr Tydeman added: “This has been made possible by the enthusiasm and strategic support of our new shareholders, HTP Investments, who acquired Oyster earlier this year.
“During the rest of this year, Oyster will now rebalance the order book and work loads across the range, focusing production of the larger models in the Oyster fleet at our wholly owned facility in Southampton, and the smaller models at what is now our wholly owned operation in Hoveton alongside our existing sub-contractors. I’m pleased that Anthony Landamore has agreed to stay with the business to help with the transition. This investment also allows Oyster to develop our custom and refit operation, Southampton Yacht Services, and take the next steps in the superyacht market, developing on the significant success of our partnership with RMK on the Oyster 100 and 125 superyachts, and our history of refitting classic and superyachts at Southampton Yacht Services.”
Anthony Landamore said the firms had been talking about the deal for a couple of years and it would help with the development of the Oyster production site.
He said: “This transfer, of what has historically been more than 90pc of E C Landamore’s business for most of the 40 years we have been building Oyster yachts, is a great endorsement by Oyster that they value the people and the internationally renowned craftsmanship we have here in Norfolk and I’m very pleased to be part of this new investment by Oyster.”