A powerboat company based in New York, Hustler Powerboats, had previously reported it was in negotiations to buy Fountain Powerboats in Beaufort County.
Huster now reports its efforts didn’t work out.
So what’s ahead for Fountain?
Hustler says an investment group called Oxford is expected to get the company. The bankruptcy auction is in early October.
Performanceboats.com says it has spoken to Reggie Fountain and has posted an interview.
Meanwhile, here is what’s currently posted on the Hustler Powerboat Facebook page:
“Our acquisition of secured bank notes of Fountain Powerboats fell a few hours short to Oxford Investment as we were in meetings with Reggie Fountain at his facility on Thursday. It is our understanding that they will be able to run the bid up at the auction to 20 Million dollars. This number does not work to make this a viable investment from us as additional money will be needed to get employees back on the line, restock materials and keep the business up and running over the next two years while the country comes back from its current recession. We feel it is a sad day in the boating industry as our expertise and high standards would have helped enhanced the Fountain and Baja lines. Our passion for building high quality boats is alive and well and we will continue to build Hustler’s full line of boats to the highest standards.”
Hustler Powerboats is reporting on its Facebook page that it is in negotiations to buy Fountain Powerboats in Beaufort County.
According to its website, Hustler Powerboats is located in New York and was started in 1979.
Here’s what the company Facebook says:
“Hustler is currently in negotiations to purchase Fountain powerboats and all its assets. As of Oct. 5th, Fountain powerboats will go up for auction and no longer be doing business. Hustler Powerboats will move its operations to NC and re-build the Fountain and Baja Line to full capacity over the next 4 years and keep the Fountain Legacy intact as we feel it is a big part of Performance boat history and do not want to see it die off. We are dedicated to re-strengthening both Fountain and Baja, keeping the same look and feel with improved quality and workmanship. Over these last couple years, Hustler has been blessed with sales and is running strong and would like to give back to the boating community by saving these companies from being auctioned off piece by piece.”
WITN spoke with a Hustler representative by phone Wednesday afternoon. He confirmed the information on the Facebook page and said the owner of Hustler is working with the bank and will be touring the Fountain facility Thursday.
WITN is working to contact Reggie Fountain for information.
In August, Fountain Powerboats filed for Chapter 11 bankruptcy protection. An auction is scheduled for the first week of October.
Owner Reggie Fountain told WITN News that the recession has forced him to pursue other financial options to keep his Beaufort County boat company afloat.
He says that includes the backing of new private investors that should be in place by the end of the month.
Fountain admits the workforce at his company has taken a hit with continued layoffs. He says within the next couple of weeks the company will shrink its workforce to only 10 or 12 employees on site.