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.


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