Stagecoach founder Brian Souter invests £9.5m into Sunseeker, a significant minority stake in the luxury motor yacht manufacturer Sunseeker International. A spokesman for Souter yesterday highlighted the Scottish entrepreneur’s appetite for investment in manufacturing businesses. The spokesman also pointed out Souter’s desire for the UK to become a great manufacturing nation again.
When asked about Souter’s reasons for putting money into Sunseeker, the spokesman replied: “He sees it as a world-leading brand, with the potential to be even more successful than it already has been.”
Stagecoach Founder Brian Souter
The spokesman also stated: “He (Souter) is passionate about investing in manufacturing businesses. What he really wants to see is…Britain to become a manufacturing nation again.”
“Souter,” the spokesman added, “believes the current economic situation was a good backdrop for such an aim.”
Asked whether Souter owned a yacht, the spokesman replied: “He doesn’t.”
On the question of whether Souter might now buy such a vessel, the spokesman said. “I don’t think he has any plans.”
The spokesman highlighted instead Souter’s investment in Fullers Ferries in New Zealand, and added: “He has got all these ferries in New Zealand. I think it is commercial boats that turn Brian on, rather than having a luxury yacht.”
Andy Macfie, who runs the Souter Investments vehicle through which the Stagecoach founder makes his personal investments, is joining the board of Sunseeker.
Souter’s £9.5m investment is part of a total £25m investment by Racing Post owner FL Partners and a “number of UK and Irish investors”. FL Partners is a Dublin-based investment boutique set up to acquire and co-invest in businesses in Ireland, the UK and elsewhere in Europe.
The spokesman for Souter said the entrepreneur was “individually … the biggest shareholder” in this group of investors.
The FL grouping is taking a significant majority stake in Sunseeker.
Robert Braithwaite, co-founder of Sunseeker, will be president and non-executive chairman of the luxury yacht manufacturer. He will be the biggest single shareholder outwith the FL Partners grouping, but his stake is understood to be much reduced as a result of the recapitalisation.
Sunseeker exports globally from its base at Poole in Dorset. It employs more than 2300 people, and has specialised in the design and manufacture of luxury motor yachts for more than 40 years.
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