Bill Barry-Cotter, founder and CEO of luxury boat builder Maritimo, has announced that the company has purchased the assets of Mustang Marine.

Mustang fell into administration in March after owner Standard Bank withdrew financial support.

Mr Barry-Cotter said that the successful bid was a joint venture between Steve Searle and Maritimo.

He said that Mr Searle would take some plant and equipment and would have no further involvement in the business.

Maritimo has bought the intellectual property and moulds and will maintain the Mustang brand.

Maritimo executives were continuing to study the Mustang business before deciding its future.

He said that Mustang boats will be on display at the Sanctuary Cove International Boat Show later this month.

Mustang distribution will continue through some existing dealers. Elsewhere, boats will be sold through Maritimo Dealers.