Maritimo's plans for Mustang

MARITIMO'S Bill Barry-Cotter used the Sanctuary Cove International Boat Show to announce plans for Mustang following the recent acquisition of Mustang's assets.

Mustang fell into administration in March after owner Standard Bank withdrew financial support.

Marirtimo CEO Bill Barry-Cotter said that the successful bid was a joint venture between Steve Searle and Maritimo.

Barry-Cotter said that Searle would take some plant and equipment and would have no further involvement in the business.

Maritimo has bought the intellectual property and moulds and will maintain the Mustang brand.

“We are still reviewing the strategic direction for Mustang and where the brand will sit in the portfolio of models we present as a group,” said Barry-Cotter.

“We have reviewed some of the product - in particular the 2850 and 3850 - and determined we will not be releasing any existing models in their current state. The running surface of the existing Mustang hulls will be redesigned and remoulded to reach a level of performance satisfactory to Maritimo’s high expectation and reputation.

“The first of the new Mustangs will likely be released in early 2011.”

Mustang distribution will continue through some existing dealers. Elsewhere, boats will be sold through Maritimo Dealers.