How billionaires stopped buying new super yachts: Shares in British manufacturer GYG plunge 40%

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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

Scuppered: Shares in British firm GYG plunged 40 per cent yesterday after a drop in orders of its world leading multi million pound yachts

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.

 

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