Tech entrepreneur Richard Hadida breathes new life into Oyster Yachts
The British businessman and Evolution Gaming Group founder has acquired the Southampton-based luxury yacht company
Tech entrepreneur Richard Hadida has acquired the British yacht building company Oyster Yachts and all of its subsidiaries. Under his ownership and position as CEO, an entirely new management team has been instated as the brand prepares to relaunch as a premium yacht brand – described by Hadida as the 'Bentley of the sea' – after it entered administration in February.
Hadida, who is also founder and creative director of online gaming software business Evolution Gaming Group, has ambitious plans for his new acquisition, which is considered a stalwart of the yachting industry. “I firmly believe that we must save this prestigious British yacht builder and continue to nurture and grow the Oyster Group for the long term. My investment in Oyster is not merely a hobby. Oyster needs to be a sustainable business. Hard, quick decisions need to be taken,” Hadida told Yachting Monthly.
"It is going to be difficult, but with common sense and creativity we can turn this business around, Oyster is the Bentley of the Sea, a great British brand, and it will remain so," he added. The acquisition will secure the jobs of more than 400 Oyster Marine Holdings Ltd employees, who faced redundancy after private equity firm HTP Investments declared it would no longer be able to financially support the company. Hadida’s new ownership will also allow the company to complete on-going projects, including two 37.45m Oyster 118s, which were put on hold when the company went into administration.
A spokesperson from Oyster Group said: “Oyster is delighted to confirm it is now under new ownership. Richard Hadida, a British entrepreneur and founder of global software business Evolution Gaming Group and a lifelong sailor, has acquired the business with the firm commitment to re-establish Oyster as the premium designer and manufacturer of yachts in the world.”