NEWS - MARITIMO CONFIRMS PURCHASE OF MUSTANG MARINE

Bill Barry-Cotter, founder and CEO of luxury boatbuilder Maritimo, has announced his company has purchased the assets of Mustang Marine.

Mustang fell into administration in March after owner Standard Bank Asia withdrew financial support.

Barry-Cotter said that the successful bid was a joint venture between Steve Searle and Maritimo. He said that Searle would take some plant and equipment and would have no further involvement in the business.

Maritimo says it has bought the intellectual property and moulds and will maintain the Mustang brand. Maritimo added its executives were continuing to study the Mustang business before deciding its future.

Barry-Cotter said Mustang boats will be on display at the Sanctuary Cove International Boat Show later this month.

Maritimo said Mustang distribution will continue through some existing dealers, but elsewhere, boats will be sold through its own dealers.

Photo: Mr Maritimo, Bill Barry-Cotter now Mr Mustang, too.