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Job losses at Norfolk Boat building firm are likely

Oyster Yachts has a base in Hoveton Credit: ITV News Anglia

A boat builder employing people in Norfolk and Suffolk has warned staff they are all likely to lose their jobs.

Oyster Yachts, which has a base at Hoveton in the Broads and Ipswich, stopped operating on Monday when staff were reportedly told it had run out of cash. In a statement on its website, chief executive David Tydeman confirmed the company had been unable to secure financial support to keep it going.

“It is with sincere regret that we advise that the Company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available. Further information will be issued as soon as we can."

– David Tydeman, Oyster CEO