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IT entrepreneur rescues Oyster Yachts

Martin Hager

 · 20.03.2018

IT entrepreneur rescues Oyster YachtsPhoto: Oyster
IT entrepreneur rescues Oyster Yachts | ts
Richard Hadida, founder and creative director of a gaming software company, has bought the insolvent Oyster Group, according to information from BOOTE EXCLUSIV sister magazine YACHT.
Oyster 885 KARIBU. | U.Photo: OysterOyster 885 KARIBU. | U.

As sudden and unexpected as the insolvency of the British shipyard was at the beginning of February, the news of its swift rescue came as a surprise. As former Oyster boss David Tydeman confirmed, software entrepreneur Richard Hadida has taken over the business. This seems to have secured the existence of the renowned shipyard.

"I'm sure Richard will guide the next phase (of the company's development, editor's note) with enthusiasm and care," says Tydeman. "We are handing him a great line of seven new models, a more coherent and global direction for the brand." Oyster is the "explorer of yachting".

Richard Hadida, the new partner of Oyster on board the 885 "Lush". | ".Photo: Unbekannt,PrivatRichard Hadida, the new partner of Oyster on board the 885 "Lush". | ".

The new investor emphasised to the British daily newspaper "The Telegraph" that he wants to make a long-term commitment to the shipyard: "This is not just a hobby." He compared Oyster to the car manufacturer Bentley, also an exclusive British brand: "I think we have to save it and rebuild it in the long term." However, he also emphasised that "hard and fast decisions" had to be made.

Richard Hadida has no experience in the yachting industry himself. He made his fortune as founder and mastermind of the software company "Evolution Gaming". The Stockholm-based IT company operates virtual casinos, among other things; last year, it made a profit of 62 million euros on a total turnover of just under 180 million euros, almost double the 2016 result.

Hadida told the English sailing magazine "Yachting Monthly" that he had financed Oyster from private funds. He is not planning to turn the shipyard upside down and sell it again straight away. "I got in to stay. It will be a business for life."

The gaming expert has already sought out capable managers for the necessary turnaround, including Kim Stubbs, the successful reorganiser of the motorboat manufacturer Sunseeker, and Oyster veteran Paul Adamson.

Hadida, who does not own a boat himself but often sails as a guest on board Formula 1 manager Eddie Jordan's Oyster 885 "Lush", says he wants to rethink the entire production process. And the model range is also to be expanded - downwards.

The new head of value also sees a market on this side of 47 feet. After Oyster had been expanding upwards for a long time, this may seem just as surprising as the quick rescue of the brand. However, this could actually be part of securing the company's future.

(jr)

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Martin Hager

Martin Hager

Editor in Chief YACHT

Martin Hager is editor-in-chief of the titles YACHT and BOOTE EXCLUSIV and has been working for Delius Klasing Verlag for 20 years. He was born in Heidelberg in 1978 and started sailing at the age of six, in an Opti of course. This was soon followed by 420s, Sprinta Sport and 470s, which he also sailed on the regatta course with his brother. His parents regularly took him on charter trips through the Greek and Balearic Islands. Even at a young age, it was clear to him that he wanted to turn his passion for water sports into a career. After graduating from high school and completing an internship at the Rathje boatbuilding company in Kiel, it was clear that he did not want to become a classic boatbuilder. Instead, he successfully studied shipbuilding and marine engineering in the Schleswig-Holstein state capital and focused on yacht design wherever he could. His diploma thesis dealt with the “Testing of a new speed prediction method for sailing yachts”. In 2004, the superyacht magazine BOOTE EXCLUSIV was looking for an editor with technical and nautical background knowledge, a position that was perfect for Martin Hager. The application was successful and a two-year traineeship was arranged. After twelve years as an editor, the editorial team changed and he took over responsibility for BOOTE EXCLUSIV as editor-in-chief in 2017. After long-time YACHT editor-in-chief Jochen Rieker moved to the role of publisher, Martin Hager also took over the position of editor-in-chief of Europe's largest sailing magazine YACHT, which is celebrating its 120th anniversary this year, at the beginning of 2023. When he's not working on topics for the two water sports titles, Martin Hager likes to go out on the water himself - preferably with kite and wingfoil equipment or on a little after-work trip across the Alster.

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