Stagecoach founder Sir Brian Souter yesterday completed the sale of his stake in luxury yachtmaker Sunseeker for what is understood to be a significant eight-figure sum.
Beijing-based Dalian Wanda Group headed by Wang Jianlin, one of China’s wealthiest men said it would spend around £320 million on a 92% share in the Dorset-based brand.
Sir Brian’s private family investment company, Souter Investments, had been the largest shareholder in controlling party Portofino Yacht Investments since paying a reported £9.5m into the firm in 2010.
“Acquiring Sunseeker deepens Wanda’s international influence, further enhances our position in the global luxury, entertainment and tourism markets, and represents an important step forward for the overall development of our business,” Mr Wang said.
Sir Brian said the disposal was a welcome move in a positive start to the year for his investment vehicle.
The group has already realised its “significant” interest in insurance giant esure following the firm’s £1.2 billion flotation in the spring.
“Wanda will be a wonderful partner, particularly in helping it unlock the substantial potential inherent in the developing Chinese boating market,” Sir Brian said.
The Perth-based transport tycoon became one of the largest single shareholders in Sunseeker after he joined Irish-based private equity group FL Partners, the owners of the Racing Post, in a £25m-plus investment in the business three years ago.
It was reported at the time Sir Brian, through Souter Investments, had put £9.5m into the pot.
Management at Sunseeker, which employs 2,300 people and enjoyed revenues of £288.8m in the year to the end of July, will take on the remaining 8% of the company as part of the deal, which is expected to complete in mid-August.
The company will retain its existing staff, headquarters in Poole, and UK production facilities.
The Chinese group will also invest £700m in building a five-star hotel in London a move welcomed by mayor Boris Johnson.