Australia’s largest luxury boat builder, Gold Coast-based Riviera, has had major sales success in the weeks following the Sydney International Boat Show that concluded earlier this month. This has boosted the under-administration company's prospects of being acquired by a number of interested parties. Riviera's new 5000 Sport Yacht
Over the five days of the Sydney Boat Show, the company reported the sale of eight new luxury boats across its Flybridge, Sport Yacht and Offshore Express ranges.
In the three weeks immediately following the Sydney Boat Show, Riviera contracted a further seven boats and expect to more than double the Sydney Boat Show sales for the month of August for the Australia/New Zealand region. This will be Riviera's strongest sales month for this region in the past 12 months.
Riviera chief executive officer, John Anderson said, "These strong results were the rewards of continued investment in new model development and current model innovation driven by listening closely to our owner's feedback and future needs. This result clearly demonstrates Riviera's market leadership position, even in these challenging market conditions.
"The current level of sales activity and enquiry is certainly a clear indication to us that the Riviera brand and product remain the choice for Australian boating enthusiasts," said Mr Anderson.
"Over the past three months, Riviera has received a great many expressions of support from our family of owners around the world. Their commitment and belief in our brand gives us enormous encouragement and I believe this is reflected in our current sales success," said Mr Anderson.
Significant restructuring of the Riviera business has been undertaken by Deloitte since its appointment as receivers in early May 2009. Given the achievements made in the restructuring process, the recent rise in sales volume and the improving outlook, the receivers have now formally commenced the expressions of interest process for parties interested in acquiring the assets and business of the Riviera Group.
Deloitte partner, Chris Campbell said, "To date we have received a significant level of enquiry regarding Riviera from both local and overseas parties. We are also seeking expressions from parties who may be interested in acquiring the assets and business, providing new equity and/or effecting a financial restructure of Riviera.
"A detailed Information Memorandum on the business opportunity has been prepared and the process being run is subject to interested parties executing a confidentiality agreement."
Interested parties may contact Tony Garrett or Patrick Brothers of Deloitte Corporate Finance.
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