Riviera continues trading

Australia's largest big boat builder, Coomera-based giant, Riviera, will continue trading following receivers being appointed last week.

Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes believe the best economic return for creditors of the embattled company will come from a restructure and turn-around of the operations rather than an immediate sale.

Riviera is Australia's largest and most awarded luxury boat builder and has produced flybridge cruisers, offshore express models and sports yachts for the past 30 years.

In recent years the company has exported up to 50 per cent of its annual production and has built up a network of dealers in more than 30 countries around the globe.

Chris Campbell told BoatPoint the downturn in the economy had significantly impacted the company's sales in the past 12 months but that he believes it will be best to preserve the long-term viability of the business by restructuring and selling it as a going concern.

"This process may take some time," Campbell says, "Our first task will be to review the financial position to evaluate the best possible outcome for creditors and other stakeholders with interests in the business."

Riviera intends to have its usual participation at this week's Sanctuary Cove International Boat Show and will showcase the new Riviera 70 Enclosed Flybridge model and 5800 Sport Yacht.

Campbell says Riviera owners can be assured that warranties will be honoured during the receivership period; not only from the company but from original equipment suppliers.