Mustang stung again

Written on the 15 September 2010

MARITIMO boss and Riviera founder Bill Barry-Cotter has not ruled out putting an offer on the table for the embattled Mustang Marine.

Funding pulled by its financial saviour Standard Bank Asia Limited, has ebbed Mustang into voluntary administration.

“I will have a talk to my accountant and we will take a look at it, but I’m really only interested in some of the assets and the moulds,” says Barry-Cotter.

More than 50 jobs were lost when Mustang hit troubled waters for the second time in as many years.

Chief executive Chris Heaton assured Gold Coast Business News in February that finances were sound. But with slower than expected sales and delays on delivering new models, Standard Bank decided it was unable to support the next stage of growth in the business.

Cliff Sanderson and Alan Topp of Restructuring Works were appointed voluntary administrators.

The company is now seeking a buyer as the directors continue to research and develop plans for new models. Heaton says the company will still offer a presence at the Sanctuary Cove International Boat Show next month by showcasing its current range.


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