Australia’s largest luxury boat builder, Riviera, has made considerable progress in the eight weeks since the  voluntary appointment of Receivers on May 8, 2009.

Since the appointment of Receivers and Administrators, the company has received strong support and encouragement  from its global owner and dealer base along with hundreds of suppliers, many of whom have publicly stated their  desire to see Riviera succeed and continue to grow.

The company is currently being restructured in order to survive the current economic climate.  The restructure has  taken the form of re-energising and rationalising the supply chain, staffing levels and external contractors,  streamlining administration functions and driving greater efficiencies in manufacturing. The net effect to date has  resulted in manufacturing being back on line with completed boats again being delivered to the company’s dealer  network.

“The reality is that we have had to alter the business from a growth phase structure to a more nimble organisation  better able to operate competitively in the current market. Today we have a far flatter organisational structure at  Riviera,” said Riviera CEO John Anderson. “I am pleased to confirm that during the restructure period; more than one  new Riviera has been sold per week since the appointment of Receivers and Administrators”.

At the same time, the company’s drive to continually innovate the design of current and new models continues  unabated.  Interest levels and firm sales of Riviera's stunning new 5800 Sport Yacht with triple Volvo Penta IPS pod  drives, has been considerable given current market conditions. To date the company has signed contracts for eight of  these new models including the sale of a 5800 Sport Yacht to Italy for delivery in early 2010.

In preparations for the Sydney International Boat show to be held from July 30 to August 3, the company’s design and  new model introduction teams are involved in the final manufacturing stages of three new models, which will be  officially launched in Sydney. Riviera will unveil the 5000 Sport Yacht with the new Cummins Mercruiser Zeus pod  drive system, an enclosed 51 Flybridge with triple IPS drives and a considerably enhanced flybridge design for their  popular 47 enclosed model. In addition the 5800 and 3600 Sport Yacht, also with the innovative IPS pod drive system,  will make their Sydney debut at the show.

Riviera will make a strong statement to the market in Sydney with its 2,500 square metre, 14-boat display, the  largest single exhibit at the Darling Harbour based show. More than $21 million of new Riviera boats from 38’ to the  company’s flagship 70’ fully enclosed flybridge, will be on display.

Also at Sydney International Boat Show, Riviera will have senior designers and representatives from the company's  new Motor Yacht partners on hand to discuss the many options this exciting new addition to the Riviera range offers.  Three new Motor Yacht models have recently been announced in 73, 78 and 85 feet in length.

The display at this year Sydney International Boat Show will be a Riviera brand display. Earlier this week, Riviera  announced plans to focus exclusively on the development and manufacturing of the Riviera brand of boats for its  large client base and dealer network around the world. As a result, effective July 1, 2009 the company separated  from Princess Yachts and Grand Banks Yachts as the distributor for Australia and New Zealand.

“This distribution separation will allow Riviera to single-mindedly focus on our future. Creating innovative, world -class boats has made Riviera Australia’s most awarded boat builder and an international iconic boating brand,” said  CEO John Anderson.

“It is our 4,500 passionate Riviera owners, our 29 year heritage and our presence in more than 30 countries that has  generated the considerable interest we are receiving regarding the future sale of the business. While at this point  no formal process of sale has commenced, we are encouraged by the interest of others who share our vision for  quality and our brand,” said Anderson.

Riviera also announced earlier this week that the Experience Centre located at the company’s Coomera Gold Coast  facilities has re-opened following a refurbishment. This 240 square metre retail store features a $150,000 state-of -the-art marine electronics display, boat interior design studio with resident interior décor consultant and a  display of thousands of colour and fabric samples. The Centre also houses a Riviera lifestyle store with distinctive  clothing and giftware. A spare parts service adjacent to the Centre supports Riviera boat owners who are upgrading  or refurbishing their boats.

“Our single-minded focus, recent new boat sales, the launching of our exciting new models, our strong presence at  major boat shows and the reopening of the Experience Centre are all visible signs that for Riviera, business is  returning to normal,” said Riviera CEO John Anderson.

For more information, please go to www.riviera.com.au