EXCLUSIVE UPDATE - Iain Murray confirms Azzura Marine Nowra insolvent

October 16, noon: In an exclusive interview with Trade-a-Boat, sailing legend, boatbuilder and big business wig, Iain Murray, has confirmed today that his Azzura Marine Nowra company is insolvent.

Deloitte Touche Tohmatsu has been appointed liquidators (David John Frank Lombe and Simon John Cathro). Sydney Yachts are therefore no more and the future for Marten Yachts isn’t yet known.

“All 60 staff were fired, told to take their tools and go,” a staffer told Trade-a-Boat. Murray responded to our calls and said that he was not in a situation to operate the business outside corporate governance. “It’s been done this way so all staff will pick up their entitlements,” Murray says.

Murray said he has been conducting an extensive review of his marine operations. “I have poured extensive amounts of money into the Nowra-based business over the years, but I’m no longer in a position to do that. There was backlog of work, but it’s all dried up.”

Azzura Marine Nowra built Sydney Yachts, which are now no longer in production, and the luxury Marten yachts that each cost millions.

“Marten Yachts is not in liquidation. But we have to figure out a whole lot of stuff. I’m not going to build them in Nowra, but whether someone else takes over the operation or we build them elsewhere is not yet known,” Murray said.

Murray says there are no plans to liquidate his other marine business, such as Azzura Marine Newcastle and Azzura Marine Gold Coast, plus the Sydney marina and offices at The Spit in Sydney.

Murray sighted the Global Financial Crisis and lack of demand for luxury yachts as the reason for closing the doors of Azzura Marine Nowra.