MOXEY BACK AT RIVIERA AS JOBS SET SAIL

Written on the 9 March 2012

MOXEY BACK AT RIVIERA AS JOBS SET SAIL

IT’S a sight all too familiar for re-appointed Riviera CEO Wes Moxey (pictured with Rodney Longhurst) as jobs were yesterday scuttled in a capital restructure under new owner Longhurst Marine Holdings.

His return to the embattled luxury boat builder was bitter-sweet as the company was acquired in a leasehold deal by Rodney Longhurst, the son of Dreamworld developer John Longhurst.

Formerly the CEO of Riviera and a veteran of 26 years with the company, Moxey had taken a 12-month sabbatical from the boating industry. His successor was John Anderson, who stepped down last year and was not replaced until yesterday.

The deal ends months of speculation over its buyer with Riviera founder and Maritimo boss Bill Barry Cotter touted as a bidder, while it is also understood Chinese investors were being courted.

Moxey had spent the past 18 months immersed in the development of a new line of limited edition Motoryachts called Belize.

“Riviera has been a very large and influential part of my life and that of my family’s. I am refreshed from my sabbatical and wiser from the lessons learnt in developing the Belize Motoryacht line from scratch with our own capital. I am thrilled with this opportunity and ready and eager to help lead our great team forward,” he says.

Longhurst Marine Holdings has also entered into a long-term lease for Riviera’s 14-hectare state-of the-art Coomera manufacturing facility.

The company already has a significant investment in the boating industry, namely the 9.2-hectare marine service facility known as The Boat Works on the Coomera River within the Gold Coast Marine Precinct.

“I have watched how the Riviera luxury boat brand has so emphatically endured the last four years of turbulent economic conditions,” he says.

“For the past two years and nine months the company has operated in receivership and during this period, local and international competition has also been particularly fierce. Yet throughout this unprecedented cycle, the Riviera brand has retained its integrity and defied industry trends achieving significant results with new model releases and sales.”

Riviera will now move through a restructure and recapitalisation process to prepare the company for future growth opportunities.

Part of the process will be creating a new senior management team to drive the business forward.


Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter