| UK. Bank of Scotland supports Sunseeker Internationals new investment plan |
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| Monday, 25 September 2006 | |
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Company news: Sunseeker International has once again broken all records with sales for the year 2005/06 increased to a staggering Ł202 million (approx. US$364 million) which represents an uplift of more than 18% compared to the previous year’s best ever result. Annual growth of this kind is not only down to the company’s powerful formula of award-winning approach to teamwork, design and technology, but also to their ability to respond rapidly and effectively to the demands of a very competitive market. The anticipated growth has allowed Sunseeker to implement a number of planned organisational changes and restructuring. Robert Braithwaite MBE, Founder and Chief Executive Officer of Sunseeker International, has further increased his majority shareholding and to ensure the company has the financial support to invest in future expansion and development the company is now supported by Bank of Scotland Corporate. This increased level of growth has also enabled Sunseeker to reconfirm its position as the world’s largest privately owned yacht builder and the largest producer of motoryachts over 80 feet. Currently under construction and due to be launched in early 2007 is the first of their 37m Tri-Deck Yachts, this is the largest model designed and built by Sunseeker to date and the experience and knowledge in building luxury yachts over 100 feet enables them to undertake this level of construction with confidence. Commenting on the recent developments, Robert Braithwaite, said: “We are an extremely successful family owned business with enormous potential and I’m particularly pleased that we have the support of Bank of Scotland Corporate. They have worked very hard to understand exactly what our needs are and I look forward to working with them.” Bank of Scotland Corporate, part of HBOS plc, is a specialist in Integrated Finance and has worked closely with Sunseeker to establish its investment needs that will support the growing demand for Sunseeker products which is projected to increase from volumes of c250 per annum to over 300 in the current financial year. Rob Freer, Director of Integrated Finance at Bank of Scotland Corporate, said: “The attractions of Sunseeker International to the bank are obvious – this is a high quality, global branded business with an experienced and dedicated management team led by a pioneer in Robert Braithwaite. Sunseeker has a dominant market position with excellent opportunities for future growth and shareholder value. We are thrilled to be investing alongside management in such a high quality business.” In addition, the commitment to an ongoing investment programme enables the company to lead from the front in terms of skilled manpower, design development and improved production facilities. With new models being displayed at most of the world’s leading boat shows and orders on many models now being taken for delivery in 2008, Sunseeker’s future looks set to further increase the results of previous years. |
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| Last Updated ( Tuesday, 26 September 2006 ) |
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