Strange things happening over at Sunseeker it seems. Main board all replaced and a man from KPMG brought in. But business still booming so no doubt company will be ok even if management shuffles around. (Nothing in the local media yet, of course).
More on IBI Magazinehttp://www.ibinews.com/ibinews/newsdesk/20100018182201ibinews.html
Following speculation over the last couple of days of changes afoot at Sunseeker International, the UK boatbuilder has issued a statement announcing the establishment of a new operating board, and that Robert Braithwaite is to reduce his involvement in the day-to-day running of the business as managing director to focus on customer relations and steering the Sunseeker brand. Robert Braithwaite stepped down from the board of Sunseeker International Ltd at the end of December, though he remains a majority shareholder.
Tuesday, January 19, 2010
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5 comments:
This comes as no surprise. With 98% of new sales going overseas to holders of other currencies, the calamatous decline of sterling has virtually wiped out any operating surpluses, despite a modest growth in sales. The company was slow off the mark to make internal changes necessary to adjust to this new economic reality. Hence the new board and new CEO, and input from KPMG.
Let's hope this won't result in further repercussions, such as bankruptcy, layoffs, closures of facilities, merger/takeover, and so on, but it will be a huge challenge to ride out this recession - which is deepening worldwide - without some fundamental and major changes to the company. After all, few in Dubai are buying new Sunseekers at the moment!
Perhaps they will need to downsize and move to Swanage.
No. That really WOULD be the end of the road!!!
Yet ...
Sunseeker's turnover is expected to exceed £300m for the year ended August 2009, with accounts yet to be filed. The boatbuilder claims to have full order books for 2010 and beyond.
Postman - you may have missed the point. While gross turnover may look good, net surplus (profit) per unit has been hit by the falling pound. Sunseeker signed deals with its suppliers for 2009 some time before, when the pound was higher. Hence profits have been squeezed by the falling pound.
Selling a boat for less than it cost to produce it is not a viable option - for very long. Hence major cutbacks are in line at Sunseeker.
I know a Sunseeker dealer working abroad who says that he cannot shift any new stock, that new orders have not been recently placed or have been canceled, and the only upside in his business is selling newish-used Sunseekers at reduced prices. Hardly an indication of 'full order books for 2010'.
Good luck to them; I hope the situation there is not facing a crisis.
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