How billionaires stopped buying new super yachts: Shares in British manufacturer GYG plunge 40%
It seems the global elite have lost their appetite for super yachts.
Shares in British firm GYG plunged 40 per cent yesterday after a drop in orders of its world leading multi million pound yachts.
Its refit business was also hurt by hurricanes in the British Virgin Islands and the Caribbean.
Scuppered: Shares in British firm GYG plunged 40 per cent yesterday after a drop in orders of its world leading multi million pound yachts
In 2016, GYG repainted a 223ft yacht owned by the billionaire chairman of mining firm Evraz, Alexander Abramov.
The yacht included a dive room, sundeck Jacuzzi, beach club and garage.
It was put up for sale this year at around £40million.
GYG said full-year earnings would be ‘materially below’ expectations at around £4.4million.