by Bob Wonders
That word again, that word I had hoped would be finalised weeks ago. Not so.
No doubt you’re all curious as to the identity of the new owner of Mustang Marine?
So, what has transpired over the past two week?
The answer is nought….zilch……zero!
I can tell you it’s not the fault of receivers Ferrier Hodgson.
For what seems like forever, I have maintained regular contact with senior partner Peter Gothard, but he was unable to confirm the new owner as late as last Friday.
'I doubt there’ll be any news now until at least the first week of the New Year,' he said.
'We are making every effort to get the deal over the line.'
As the history books now tell us, Ferrier Hodgson was called in and placed the Gold Coast manufacturer into receivership on October 19.
Mustang Marine 4600 Sportscruiser
The receivers made it clear from the outset that the plan was to offer the company for sale as 'a going concern.'
Rumours, all unsubstantiated, flew thick and fast.
Among the ‘rumours’ I heard were;
• Security guards and contractors exchanged punches at the gates
• The company went down the plug to the tune of $27 million
• A man named John, from the Gold Coast, has bought the company
• It’s been purchased by a Malaysian group
• A Chinese company is the buyer and the whole operation will be moved to China.
That’s just some of the stories that have been doing the rounds.
I guess it’s understandable in a relatively small industry that rumours would be generated when a company as well-known as Mustang Marine hits a ‘pothole’ in the road.
The sale, as we understand it, comprises the Mustang Marine name, boat moulds, assorted (unspecified) boat manufacturing equipment and a number of vessels either completed or partially completed, believed to number about 35 units.
No real estate is involved.
For the sake of the industry at large, we can only hope that a new owner will set Mustang Marine back on a level playing field.