RIVERA Has now gone under

[sharkcat one]

this is not fiction , this is very true . It has just happened.

I feel sorry for all the 500 staff out of work.

Chin up boys,

[monkey76]

sad news has a reciever taken over??

[TJ Bear]

I'm one of the 500, will see what the story is Monday morning, recievers going over everything over weekend, I think there will be 500 very angry staff there monday morning, Management had us all on a 4 week shutdown telling us that all would be good, not to worry bla bla, I was even offered other work and was brought into the office and told not to leave, job was safe bla bla bla now the day before we are about to return from shutdown we hear this on the radio, not happy jan. Rumor is Bill Barry-Cotter is putting together an offer and so is Wes Moxely, will see what happens. My phone is ringing off the hook from staff wanting to know whats going on as its been reported on radio and I don't have a clue. >:(

[sharkcat one]

from what i have heard is that if bill buys back RIV , he is going to move MARITIMO into the sheds and shut down the Riv's moulds.

TJ what was your position their mate ?

cheers

[TJ Bear]

Ran the Vacuum Infusion team doing 44 Sports Yacht and 58 Sports Yacht,

[nickstock]

Sorry to hear mate, fingers crossed for a decent outcome for you and the staff there.

Nick

[Grand_Marlin]

Not good to hear.

I feel for you Bear, and everyone concerned.

This is going to have a massive impact on the marine industry in Australia - especially in SEQ from the knock on effects to entities that had Riviera as their main or sole client.

In turn, this affects us all in the Marine Industry.

Regards

Pete

[TJ Bear]

Will post on Monday after I hear what the deal is, as you say Grand Marlin if Riv stops trading there is going to be a lot of other people who will be affected in the Marine Industry, I have a few other options but I have 4 guys that work for me that have had children in the last 4 months and are single income families with house loans, there the ones that Im real concerned for.

[boatboy50]

Hey Guys,

Hopefully they can do a restructure and continue as Mustang did, albeit a bit damaged.

Here's a link.

http://www.marinebusiness.com.au/news/update-deloitte-confirms-riviera-in-receivership

Good luck to TJ and anyone else who is affected.

Regards

Darren

[TJ Bear]

Just heard from reliable senior manager that the recievers have decided to keep trading due to the number of orders on books, will be work as normal Monday, will see what happens moving forward

[Coontakinta]

Just heard from reliable senior manager that the recievers have decided to keep trading due to the number of orders on books, will be work as normal Monday, will see what happens moving forward

Mate, i hope all bides well for you and your fellow workers.

[Getout]

This is one manufacturer who will rise from receivership. If someone in Aus doesn't bail out/buy Riviera, the Chinese will snap it up!!!

[siegfried]

Best of luck to all of you mate, bad news.

[stevelcqld]

I would be surprised to see the brand die, I think a buy out or restructure may be about to happen.

I feel for all involved, 20 years ago the receivers walked in, tossed us all out and changed the locks to the office I worked at... no money / orders or stock so they just shut it down. Was owed a few grand but never saw a cent.

In the end we pick up, moved on... but it is a hard thing to go thru and lots of stress.

I hope it all works out for you all.

Steve

[bar raider]

just got home from a 3 day mondy donut to get this news :'( not good at all, both me and the skipper for the trip work there and were on 4 weeks holiday were to return on monday and thats gunna be a hell of a day now!

and to top it off my skipper blew up his motor on the 2 session of the trip, for the next couple of sessions were spent close to camp with the electric only.

[TimiBoy]

I think the Brand will live on, too. Restructure and rationalise, sure, but the Company will survive.

If the Receivers have already stated they'll keep it trading, IMO that is a very positive outcome - they can see a fairly easy track to recovery.

I imagine there will be job losses, but if the Compnay continues, it won't be everyone. Here's hoping, I sort of want to buy a new one one day, and I hope they're around to take my money!

Cheers,

Tim

[Marlin_Mike]

I hope you all get youre entitlements, but doesnt look good.

receivers are only good for entitlemnts from the day they were appointment forward, evrything before their appointment is MAY be gone, sad but true. Hopefully not.


Mike

[bar raider]

I hope you all get youre entitlements, but doesn't look good.

receivers are only good for entitlements from the day they were appointment forward, everything before their appointment is MAY be gone, sad but true. Hopefully not.


Mike

over the last year, with over half of the staff retrenched, all received their entitlements to my knowledge.


when i got on here at midnight last night after just watching the late news i was devastated because it said "Riviera has gone under and everyone got told to pack their tools" so TJ bears news regarding continued trading was a godsend, thanks mate.

[PinHead]

I think the Brand will live on, too. Restructure and rationalise, sure, but the Company will survive.

If the Receivers have already stated they'll keep it trading, IMO that is a very positive outcome - they can see a fairly easy track to recovery.

I imagine there will be job losses, but if the Compnay continues, it won't be everyone. Here's hoping, I sort of want to buy a new one one day, and I hope they're around to take my money!

Cheers,

Tim

you can buy a lot better for a similar amount of money.

[Stuart]

I will second pinheads comment.

Stu

[finding_time]

Third!!!!

Although this is the pic of the range imho!;) sweet lines!!!!!:D



Ian

[Jabba_]

We being fisherman may not like the Riv because it is not suited to our style off boating/fishing..
But obvoiusly for them to be punching out 500 Riv's a year during the good times it must mean thay are a popular boat...

I haven't been on anyy new Riv's, so I don't know what the quality is like, but I woudn't think there to bad compared to other imported boats that are in the same class..

[nipsta]

hey fella lets not get into a bagging session on whether the boats are affordable thats not the reason why they are in troulbe it the slow down in spending if people arent spending dollars dont matter what price its gunner hurt ya
My Brother inlaw works for them as well and it would be a shame for him to looose income as he has finally got a house only amonth ago and the first child is only 10 months old and yeah could force them to make a call they dont want to hopefully riv can recover as i have seen some of there boats and the magnifiicant and the fellows who work for them derserve better

[PinHead]

not good for the employess at all however the majority of Riv's sales in the good times were to the USA (so all their salespeople were saying at the time)..and nowpeople are just scuttling boats there so they do not have to pay mooring costs.

[TimiBoy]

you can buy a lot better for a similar amount of money.

In almost every case I agree, but I have an exception. The 45 open Flybridge is a recent hull design, and behaves very well. The layout, engine room and build quality are exquisite.

Put it this way: if I have a mill to blow when the time comes, it will be right up there, but there are many other boats I've looked at that might fit the bill, too. It's at least 3 years away (if ever!!) so I'm in no hurry!

Cheers,

Tim

[Catweb]

hey fella lets not get into a bagging session on whether the boats are affordable thats not the reason why they are in troulbe it the slow down in spending if people arent spending dollars dont matter what price its gunner hurt ya
My Brother inlaw works for them as well and it would be a shame for him to looose income as he has finally got a house only amonth ago and the first child is only 10 months old and yeah could force them to make a call they dont want to hopefully riv can recover as i have seen some of there boats and the magnifiicant and the fellows who work for them derserve better

Yep, what Nipsta said above. More than ever we should support locally produced craft of this type rather than the fully imported jobs (pardon the pun)

[Jabba_]

Yep, what Nipsta said above. More than ever we should support locally produced craft of this type rather than the fully imported jobs (pardon the pun)

I agrea, but I try to all ways buy Australian,, whether its a boat or a pair of sock and undies....
As Aussie's we need to back our Australian manufacures as much as possible, through the good times and bad... Otherwise, what future is there for our kid's...

[TJ Bear]

Pin Head you have know idea and an apt user name. Riv has never sold a majority of its boats to the US. Riv has had by far the most diverse dealer network, selling to more countries than any of it's competitors. In saying that we outsold all the US boatbuilders such as Viking, Hatteras, Cabo, Lurs etc by 2:1 at the Fort Lauderdale Boat show (the biggest show in the US). Riv is not allone at the moment with Hatteras Cabo and Viking all closing there doors for long term shutdowns. Riv'd current situation has nothing to do with quality of the boats or even forward orders. The Bank of Scotland was one of the majour sources of finance to the consortium who bought Riv and they are in dire trouble this is what started the slip into the current position. When I and another 500 or 600 Australians are looking at the possibilty of being without a job about the last thing I want to listen to is how you think the boats that we build are not to the standard of some other foriegn manafacturer which is quite honestly not true, we have some of the best boat builder in the world in Australia and we need companies like Riv that are majour exporters of Australian manafactured goods if there are going to have jobs for our children and a standard of living in the future like the one we have enjoyed. I'm a former infantry soldier in the regular army and its people like you with your un patriotic retoric that make me sick.

[PinHead]

Pin Head you have know idea and an apt user name. Riv has never sold a majority of its boats to the US. Riv has had by far the most diverse dealer network, selling to more countries than any of it's competitors. In saying that we outsold all the US boatbuilders such as Viking, Hatteras, Cabo, Lurs etc by 2:1 at the Fort Lauderdale Boat show (the biggest show in the US). Riv is not allone at the moment with Hatteras Cabo and Viking all closing there doors for long term shutdowns. Riv'd current situation has nothing to do with quality of the boats or even forward orders. The Bank of Scotland was one of the majour sources of finance to the consortium who bought Riv and they are in dire trouble this is what started the slip into the current position. When I and another 500 or 600 Australians are looking at the possibilty of being without a job about the last thing I want to listen to is how you think the boats that we build are not to the standard of some other foriegn manafacturer which is quite honestly not true, we have some of the best boat builder in the world in Australia and we need companies like Riv that are majour exporters of Australian manafactured goods if there are going to have jobs for our children and a standard of living in the future like the one we have enjoyed. I'm a former infantry soldier in the regular army and its people like you with your un patriotic retoric that make me sick.

oh wow..unpatriotic????..should i bow at your feet because you were in the army..that is not going to happen. If you read what I said, I said it was what Riv sales people told me...you know the ones that take the boats to places like Couran Cove for their 20 hour shakedown prior to delivery...perhaps you should ask them why they state these things. I feel for the employees of any business that strikes trouble however when I was in the market for a boat I looked at the M290 ..30k dearer than most of the oppostion..same motors and same almost everything else..loyalty is one thing..my hip pocket is another thanks.
I sincerely hope that everything you own is Australian made..if not..cut out the hypcorisy..it is a lost cause.

PS..my apologies..I was wrong..Riviera exports about half their boats abroad...not the majority.

[TimiBoy]

Riviera exports about half their boats abroad...not the majority.

They export them abroad? I have had so many foibles pointed out by you Greg, I just couldn't resist pointing out how the word "abroad" just doesn't work here. "They export half their boats" is quite sufficient. They would hardly export them anywhere else than abroad now would they? ;D;D;D

And I felt a little humour could be injected about now...

While I feel very strongly for those who have lost jobs, all must be aware that this meltdown is going to lead to a much more Globalised economy. People are focussed on the hip pocket, and if (I SAID IF!!!) a local product does not present a level of price/sevice/quality that matches an overseas product, the overseas product probably should be the one bought. The local Business must adapt, find a niche where they can perform, or sadly move on to the great starship in the sky.

That's an opinion divorced of any emotion. It is reality, and everyone needs to get their heads around it. It is what it is.

Cheers,

Tim

[PinHead]

They export them abroad? I have had so many foibles pointed out by you Greg, I just couldn't resist pointing out how the word "abroad" just doesn't work here. "They export half their boats" is quite sufficient. They would hardly export them anywhere else than abroad now would they? ;D;D;D

And I felt a little humour could be injected about now...

While I feel very strongly for those who have lost jobs, all must be aware that this meltdown is going to lead to a much more Globalised economy. People are focussed on the hip pocket, and if (I SAID IF!!!) a local product does not present a level of price/sevice/quality that matches an overseas product, the overseas product probably should be the one bought. The local Business must adapt, find a niche where they can perform, or sadly move on to the great starship in the sky.

That's an opinion divorced of any emotion. It is reality, and everyone needs to get their heads around it. It is what it is.

Cheers,

Tim

Oh Timi..I aren't no Englush professa but:...was the emotion married or should it just have been "devoid of any emotion". hehe

I do agree with what you say re finding a niche.

[Cheech]

Very disappointing that this thread ends up with point scoring and arguments on it. No wonder so many members stop contributing to the site.

[dogsbody]

Looks like it's gonna be some weeks to see if Riv will continue.

Hope it all pans out for those involved in this mess.

Dave

[disorderly]

Very disappointing that this thread ends up with point scoring and arguments on it. No wonder so many members stop contributing to the site.

I - must - conform ...

I - must - not- express - my- opinion ...

I- must - be - nice ....

I - must - kiss - ass ...



You must be kidding...its a bloody forum ...

Scott

PS ..I hope they rationalize and survive as long as everyone (suppliers,contractors,employees..etc) gets paid what they are owed..

[tigermullet]

Very disappointing that this thread ends up with point scoring and arguments on it. No wonder so many members stop contributing to the site.


What was so wrong about a friendly ribbing???

[Jabba_]

Listening to 92.5 Gold FM this morning, Richard an Bridget were talking/interviewing the receiver.... At this point in time, they are confident they can turn the ship around and point it to direction where they will start making profit again...

Fact
#They will be at the Sanctury Cove boat show..

#There not looking for a buyer at this point in time..

#There working on long term goal to make Riveria profitable.

#They have not interest in shutting down the company..

#There may be some more lay off's, but it is not something there taking lightly...

#There interest is saving the company and saving as many jobs as possible...

[Goldfinch]

I get a stiffy every time I see a riv. I'm tempted to sell a house and buy one while they're cheap. Still trying to figure out how to slip it by the Mrs. She's left handed so her signature is hard to copy. Damn !!! One of my mates was building the big 70 footers and he got laid off before xmas. Awesome boats. An Aussie icon.

[PinHead]

Listening to 92.5 Gold FM this morning, Richard an Bridget were talking/interviewing the receiver.... At this point in time, they are confident they can turn the ship around and point it to direction where they will start making profit again...

Fact
#They will be at the Sanctury Cove boat show..

#There not looking for a buyer at this point in time..

#There working on long term goal to make Riveria profitable.

#They have not interest in shutting down the company..

#There may be some more lay off's, but it is not something there taking lightly...

#There interest is saving the company and saving as many jobs as possible...

Isn't it amazing how different media have different stories..on 4BC this morning they said in their news that the receiver said he would go about a restructure and look for a buyer...hard to find out the real facts on any news item at times.

[Jabba_]

Isn't it amazing how different media have different stories..on 4BC this morning they said in their news that the receiver said he would go about a restructure and look for a buyer...hard to find out the real facts on any news item at times.
Yep there always different. But Gold FM was different, They were talking to the man in the hot seat, the bloke who is in charge off this operation, and he is very positive he can tun it around. And he was adamant the not looking for a short term fix, buy selling the company.
And f the company is to be sold it would have to have a sale price that the owners wanted... And its not a bargain basement price, so it doesn't look as if Bill Barry Cotter will be buying it...

[finding_time]

Yep there always different. But Gold FM was different, They were talking to the man in the hot seat, the bloke who is in charge off this operation, and he is very positive he can tun it around. And he was adamant the not looking for a short term fix, buy selling the company.
And f the company is to be sold it would have to have a sale price that the owners wanted... And its not a bargain basement price, so it doesn't look as if Bill Barry Cotter will be buying it...

Yep he's the man in the hot seat and of course he's talking it up! The last thing he wants is for the employies like TJ to take an offer to join another company as if the staff take other positions the company is worth much less to any buyer! It's the big catch 22 when a company is on shakey ground, they cant let the staff know how bad it really is because if they do they might leave and make any chance ( no matter how slim) of the company trading out of there problems impossible! Eg Kleenmaid , the staff were told everthing was going fine 24 hrs before it eventually folded as they were still trying to secure last minute finance!

Ian

Ps there is a good read in the business section of the Courir Mail today on Riv's plight and how it been on borrowed time for a while!

[bar raider]

#There not looking for a buyer at this point in time..

THATS NOT THE GIST I GOT THIS MORNING AT THE MEETING, A SALE MAY TAKE SOME TIME IN THIS ECONOMIC CLIMATE FOR THE MONEY THEY WANT FOR IT, SO A RESTRUCTURE WILL BE HAD IN THE MEAN TIME. (NOT QUOTED, JUST WHAT I GOT OUT OF IT ALL)

#There may be some more lay off's, but it is not something there taking lightly...

. "THERE WILL BE MORE REDUNDANCIES", HOW MANY? THEY DONT KNOW YET. . . .WHEN? "SOONER THE BETTER" FOR THE BUSINESS SIDE OF THINGS- WEEKS NOT MONTHS, WHEN THEY HAVE HAD A PROPER LOOK AT THE BUSINESS AND BOOKS



go about a restructure and look for a buyer...

guess its all in the wording, not at this time = after restructure ;)

[bar raider]

Eg Kleenmaid , the staff were told everthing was going fine 24 hrs before it eventually folded as they were still trying to secure last minute finance!
!


ha ha , just like the last company i worked for (a big gold coast cabinetmaker) we received a very much needed delivery of board and consumables early one afternoon and were told everything is good! only to have 'the phone call' later that night and told not to come in tomorrow, it went down! :o

[bar raider]

still there TJ? i made it through.

[PinHead]

bar raider...are the staff cuts across the board..or are they cutting them in certain divisions and using outside firms to carry out those works? Just interested as to how they cut the numbers and still maintain production and quality control

[bar raider]

bar raider...are the staff cuts across the board..or are they cutting them in certain divisions and using outside firms to carry out those works? Just interested as to how they cut the numbers and still maintain production and quality control


yeah mate, across the board, the only new people in are the receivers.

1.5 year ago in the boom they were overstaffed IMO, lots of people doing not much so now with production fairly low and organised it doesnt require the same percentage of workers. a lot less rework and double handling??