{"id":7014,"date":"2015-12-03T17:02:49","date_gmt":"2015-12-03T17:02:49","guid":{"rendered":"http:\/\/unitelive.org\/?p=7014"},"modified":"2015-12-03T17:02:49","modified_gmt":"2015-12-03T17:02:49","slug":"investigate-private-equity-firms-call","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=7014","title":{"rendered":"Investigate private equity firms call"},"content":{"rendered":"
<\/div>\n

The secretive machinations of private equity firms need to be investigated, after Northamptonshire luxury boat builder, Fairline Boats went into administration, with the prospect of more than 460 jobs being lost.<\/p>\n

 
\nUnite said that there should be an inquiry by the Department of Business, Innovation and Skills (BIS) into the workings of such firms, following the announcement by private equity firm owner Wessex Bristol that Fairline Boats had gone into administration.<\/p>\n

 
\nThis was just two months after Wessex Bristol had acquired the company from private equity fund Better Capital.<\/p>\n

 
\n\u00e2\u20ac\u015bThe two months that Wessex Bristol was in charge was marked by secretiveness and evasiveness,\u00e2\u20ac\u0165 Unite regional officer Mick Orpin said. \u00e2\u20ac\u015bEven requests for meetings with management by the local MP, Tom Pursglove, fell on deaf ears.<\/p>\n

 
\n\u00e2\u20ac\u015bWhat has happened to the loyal and dedicated workforce shows that they have been victims of the secretive machinations of unfettered capitalism,\u00e2\u20ac\u0165 Orpin added.<\/p>\n

 
\n\u00e2\u20ac\u015bThis is completely unacceptable and Unite calls on BIS to hold an inquiry into the business activities of private equity firms, with special reference to Fairline Boats, a well-known Northamptonshire firm, established in 1963, which has now gone into administration.\u00e2\u20ac\u0165<\/p>\n

 
\nOrpin noted that he would be at Oundle and Corby sites on Tuesday (December 8) to talk to the workforce.<\/p>\n

 
\n“This is devastating news for the workforce and their families in the run up to Christmas,\u00e2\u20ac\u0165 he continued. \u00e2\u20ac\u015bIt is a real blow to the Northamptonshire economy.<\/p>\n

 
\n\u00e2\u20ac\u015bWe will be talking to the administrator this afternoon (December 3) to see if a buyer can be found and jobs saved. We understand that there are orders in the pipeline.<\/p>\n

 
\n\u00e2\u20ac\u015bBasically, there is a sound business here, but it has been messed about by the management of Wessex Bristol who have a lot of serious questions to answer in relation to their conduct.\u00e2\u20ac\u0165<\/p>\n

 
\nOrpin condemned the \u00e2\u20ac\u015bcallous disregard for the workforce\u00e2\u20ac\u0165 after the company failed to pay the employees\u00e2\u20ac\u2122 pension contributions for the last three months, while still deducting the contributions from staff pay packets.<\/p>\n

 
\n\u00e2\u20ac\u015bUnite will be giving maximum support to our members at this traumatic time,\u00e2\u20ac\u0165 he added.<\/p>\n

 
\n\u00e2\u20ac\u015bWe understand that another boatbuilder, Sunseeker International, based in Poole, Dorset is seeking up to 100 workers with the skills similar to those employed at Fairline Boats,\u00e2\u20ac\u0165 Orpin went on to say. \u00e2\u20ac\u015bUnite will be talking to Sunseeker\u00e2\u20ac\u2122s HR department as a matter of urgency.\u00e2\u20ac\u0165<\/p>\n","protected":false},"excerpt":{"rendered":"

The secretive machinations of private equity firms need to be investigated, after Northamptonshire luxury boat builder, Fairline Boats went into administration, with the prospect of more than 460 jobs being lost.   Unite said that there should be an inquiry by the Department of Business, Innovation and Skills (BIS) into the workings of such firms, […]<\/p>\n","protected":false},"author":1,"featured_media":7015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[126],"wps_subtitle":"Boat firm's practices condemned","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/7014"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7014"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/7014\/revisions"}],"predecessor-version":[{"id":7016,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/7014\/revisions\/7016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/7015"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}