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Australian Azzura Marine division is up for sale

Azzura Marine Nowra was one of three boatbuilding ventures in Queensland owned by Azzura Marine, currently for sale by liquidator.

Azzura Marine Nowra, wholly owned subsidiary of Azzura Marine, has allegedly already received enquiries about purchasing its assets since it went into voluntary liquidation on October 15th. Azzura Marine Nowra was one of three boatbuilding ventures in Queensland owned by Azzura Marine.

Liquidator S. Cathro from Deloitte said operations at Azzura Marine’s other two facilities (Newcastle and Azzura Marine Gold Coast) are continuing, but that a “complete options assessment” is being conducted.

Mr Cathro has received “a number of enquiries” from interested parties about Azzura Marine Nowra. It recently employed 60 workers.

Azzura Marine, with over 200 vessels built in its three Queensland facilities during its 15-year history, faced a significant shortfall in orders, thus, the company decided to close the business in Nowra.

Due to a significant decrease in demand for yachts over the last six to 12 months, declining from a peak of seven ‘new build’ orders in 2008 to no ‘new build’ orders in 1 year. “Azzura Marine cannot currently provide the financial resources to maintain three ship building facilities according to Mr. Cathro.

 Date: October 28, 2009



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