Stagecoach founder Sir Brian Souter could be in line for a multi-million-pound windfall if a Chinese investor pulls off a reported £300 million takeover of a UK luxury yacht brand.
Beijing-based Dalian Wanda Group headed by one of China’s richest men, Wang Jianlin was yesterday said to be closing in on a deal to buy Dorset-based Sunseeker International.
Sunseeker’s luxury sea-going yachts have long been a favoured plaything of the rich and famous, and fans include actor Michael Douglas and his wife Catherine Zeta-Jones and a host of Formula One stars.
The company’s vessels have also featured in several James Bond films, including the latest series of movies featuring actor Daniel Craig.
Sir Brian is one of the largest single shareholders in the company after he joined Irish-based private equity group FL Partners, the owners of the Racing Post, in a £25m-plus investment in the business in 2010.
It was reported at the time that Sir Brian, through his private family vehicle Souter Investments, had put £9.5m into the pot.
The Perth-based businessman could now be set for a substantial eight-figure return on his investment after Sunseeker confirmed it was in talks over a possible sale of the company.
“We can confirm we are in discussion with a third party for a sale of a majority stake in the business,” a Sunseeker spokeswoman said on Friday. “The deal is subject to regulations, but Sunseeker will remain a British company.
“Our headquarters will remain in Poole and we will maintain our existing primary production base in the UK and current workforce. Existing management will remain on the board.
“It will be fantastic news for the company and will mean significant investment in the business and a strong platform for new models.”
A spokesman for Sir Brian confirmed that “Souter Investments has a substantial stake in Sunseeker”, but he would not be drawn further on the proposed deal.
At the time of his investment, Sir Brian said Sunseeker was an example of a UK company making a great product and it was important that Britain invested in manufacturing while reducing its dependence on financial services.
The boat builder was co-founded by current chairman Robert Braithwaite, and the company employs more than 2,300 people.
The latest accounts filed with Companies House show that Sunseeker earnings before interest, tax, depreciation and amortisation in the year to July 31 2012 climbed by 18% from £25.9m to £30.5m.
Group revenues in the period increased from £275.5m to £288.8m and the company reported at that time that contracted and deposited sales for 2013 were “buoyant.”
The firm said it remained the “pre-eminent player” in the large yacht segment after delivering more than 100 boats of greater than 90ft in the space of six years.