REMEMBER WHEN

GOLD COAST BULLETIN Thursday, October 25, 2007

ONE of the Gold Coast’s largest boat manufacturers, Mustang Marine, was placed in the hands of the corporate doctor, leaving the immediate fate of its 400 workers in limbo.

Sydney-based receiver Steve Sherman, who released a statement after taking control of the company the previous Friday, said he was hopeful of finding a buyer for the business.

The company’s Molendinar factories, in Production Ave and Mercantile Crt, were both locked and had security manning the gates.

It was understood angry Mustang workers – mainly contractors – were turned away at the gates by security as they tried to retrieve their tools.

Prior to the receivers being appointed, Mustang Marine, a dominant sports cruiser and flybridge manufacturer, was believed to have sought to relocate its manufacturing facilities to Asia.

Company directors Jan den Brabers, Russell Watkins, Steve Hookings and Paul Scanlon could not be contacted.

Mr Sherman, liquidator to One.Tel, and partner Will Colwell – both of Ferrier Hodgson – were appointed as joint receivers and managers of Mustang.

The receivership came almost two years after directors announced they would pour $10 million into the business for an expansion into export markets. At the time, it said it wanted to increase its export quotient from 20 per cent to 50 per cent in two years.

The deal saw the company’s name change from Mustang Cruisers to Mustang Marine.

Mr Sherman said the receivership was in its early stages.