Mustang Back From The Depths

Newcastle Herald

Friday February 8, 2008

Boating, Mark Rothfield

PROVING that you can indeed flog a dead horse, collapsed boatbuilding firm Mustang Marine has been bought by Standard Bank and had a new general manager appointed.

Chris Heaton joined the Gold Coast operation just weeks after the South African bank brought Mustang back from the depths of receivership.

Heaton, 39, is setting about restoring confidence and respect for the iconic brand.

"It will be a challenging time for all of us but I am confident we have the team and the fire to get things back to where they should be," he said.

Heaton was the owner of New Zealand flybridge manufacturer Oliver Marine before it was bought by Mustang Marine in 2006, paving the way for the release of the Mustang sports flybridge range.

Standard Bank will apparently remain an active owner.

It reportedly has global assets exceeding $130 billion so, for once, Mustang won't be short of a quid.

© 2008 Newcastle Herald

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