UK yacht builder sinks

A LUXURY yacht builder based in Southampton has collapsed with 400 employees expected to lose their jobs.

Oyster Yachts is understood to have sent workers home after telling them the company had run out of cash.

The yacht builder also has boatyards in Ipswich, Mallorca, Newport and Rhode Island in the United States.

According to its latest financial accounts, the company made a profit of £104,000 on sales of £42.1m in 2016. Oyster said it had landed £80m of orders in 2017 and just last month presented its new £3.2m Oyster 745 yacht at a boat show in Germany.