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Oyster Yachts saved from administration

Gaming software entrepreneur Richard Hadida is reported to have bailed out the Southampton boat builder Oyster Yachts from administration.

The Administrator KMPG expects the rescue move to see as many as possible of the company’s 420 staff based in Hampshire and Norfolk re-employed.

The failure of the business came despite it having its largest-ever order book after the company suffered a £5.2m hit from the sinking of one of its yachts.

Mr Hadida, who made his fortune developing software group Evolution Gaming, said that his investment in Oyster was not merely a hobby, and he would bring commercial acumen and common sense to the company.

Including Oyster adopting modern construction techniques to reduce build times and constructing smaller models.

He will take on the role of interim chief executive until a permanent replacement is found and Kim Stubbs, who helped turn around the yacht company Sunseeker, has been brought in to lead the Oyster reconstruction.

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