Boating Business | Oyster turns over £20m

OYSTER TURNS OVER £20M

HOMENEWSINDUSTRY NEWSOYSTER TURNS OVER £20M

06 Jan 2020

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By mid-2020 all production sites for Oyster Yachts will be at full capacity

INDUSTRY DATABASE

OYSTER YACHTS

Oyster Yachts has achieved a turnover of £20m in its first full year of trading.

The first financial statements filed for the company for the period ended March 31 2019, show a gross margin of £2.2m with an operating loss for the company, excluding exceptional costs of £7.3m.

Oyster Marine was bought out of administration early 2018 by sole shareholder and CEO Richard Hadida and has an ‘eventful first 12 months of operation’ following the re-start of trading activities.

During the last year, the company has re-established all operations covering yacht production, design capability, technical and sales support

By mid-2020 all production sites will be at full capacity, with orders for new yachts across all models in the range and a timeline ahead of that originally anticipated when the business restarted.

Investment

Investment has included an in-house composite moulding facility and investment into the design of the yachts so they comply with Lloyds Register for deck and hull construction.

The company has also introduced an apprenticeship scheme.

“I cannot imagine a world without Oyster yachts and so am investing into all the activities of the business to ensure that the company has a sustainable long-term future,” said Richard.

“We are on track with the turnaround and I am building a business which has a long-term sustainable and profitable future for the next generation of Oyster owners.”

At the time of Oyster Marine’s administration, there were 14 yachts that were mid-construction – agreements were reached with the owners in respect of these vessels with the last of these yachts scheduled for handover in March 2020.

2020 will also see the launch of Oyster’s new 595 blue water sailing yacht and the directors are looking into the possibility of a sub 50ft Oyster.

via Boating Business | Oyster turns over £20m.

Boating Business | Discovery calls in administrators

DISCOVERY CALLS IN ADMINISTRATORSHOMENEWSINDUSTRY NEWSDISCOVERY CALLS IN ADMINISTRATORS06 Jan 2020EmailShareFacebookLinkedInTwitterPrintDiscovery Yachts Group has gone into administration Photo: Discovery YachtsINDUSTRY DATABASEDISCOVERY YACHTS LTDDiscovery Yachts Group Ltd has appointed administration – and been sold in a pre-pack deal – following the conclusion of undefended court action which has left the company owing nearly £1.2m.The company appointed Chris Moore of K J Watkin & Co. as liquidator on 9 December 2019 and went into administration ten days later. Continuity of employment has been assured.”I can confirm that Chris Moore was appointed administrator of Discovery Yachts Group Ltd on 19 December 2019. Immediately upon appointment a pre-pack sale was completed to Binti Marine Holdings Limited, a UK subsidiary of Binti Holding GMBH,” said  Simon Wall of K J Watkin & Co.”This business rescue has ensured continuity of employment for all employees and all yachts in build will be completed.”Breach of contractIt is understood that the decision was made to protect the company from a lawsuit brought by a customer, the conclusion of which took place on 16 December.Andrew France claimed breach of contract against Discovery Yachts Sales Ltd and Discovery Yachts Group Ltd following the latters’ failure to make good defects in a £1.5m yacht Mr France had ordered in 2015.Defects included a leak around the mast collar, a flood in the forward cabin and a generator failure. Despite Mr France being told the problems would be resolved, this did not happen.Following the case heard by Mr Justice Teare in the High Court which Discovery Yachts failed to attend, damages of £911,113 and £262,957 were awarded against Discovery Yacht Sales Ltd and Discovery Yachts Group Ltd respectively.It is unclear whether Discovery Yachts Sales Ltd has also appointed administrators. No one from Discovery Yachts Group Ltd was available for comment.

via Boating Business | Discovery calls in administrators.

Boating Business | INEOS and Mercedes in performance partnership

INEOS AND MERCEDES IN PERFORMANCE PARTNERSHIP

HOMENEWSINDUSTRY NEWSINEOS AND MERCEDES IN PERFORMANCE PARTNERSHIP

19 Dec 2019

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The AC75 INEOS TEAM UK race boat Photo: INEOS TEAM UK

Mercedes-AMG Petronas Motorsport and INEOS, in collaboration with Team INEOS cycling and INEOS TEAM UK sailing, have announced a new partnership to help improve performance levels on the track, road and sea.

The partnership will see the teams work together to develop and implement innovations in areas such as engineering, human science, simulation and data analysis.

“At the very heart of these three great teams lies a shared passion for racing, for winning and creating great sporting moments,” said Team INEOS team principal, Sir Dave Brailsfords.

“Our unrelenting determination to drive, sail and pedal faster and outwit the ever-improving competition will benefit hugely from this partnership. We can cross-pollinate our collective knowledge in science, technology, human performance and racing strategy to create even stronger winning environments,” he added.

INEOS TEAM UK are looking to win sports oldest international sporting trophy, the America’s Cup, using the recently launched AC75 race boat, Britannia.

Technical projects will include supporting the development of the race boat across hull and deck aerodynamics, foils, drivetrain and hydraulics, FEA, simulation and validation tools and control systems.

Also undertaken will be implementing CFD software support, the manufacture of major parts, mechanical design and fit out alongside processes for procurement, quality control and reliability management.

via Boating Business | INEOS and Mercedes in performance partnership.

Boating Business | Discovery Yachts to appoint insolvency experts?

DISCOVERY YACHTS TO APPOINT INSOLVENCY EXPERTS?

HOMENEWSINDUSTRY NEWSDISCOVERY YACHTS TO APPOINT INSOLVENCY EXPERTS?

16 Dec 2019

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Discovery Yachts MD Sean Langdon. The company is understood to be in negotiations with an investor

INDUSTRY DATABASE

DISCOVERY YACHTS LTD

Discovery Yachts has filed notice of its intention to appoint insolvency experts and could enter administration.

The news comes less than two years after the company raised around £2.2m through crowd funding and just months after the company officially opened its new UK HQ at Lymington Yacht Haven Marina.

It is understood the notice has been filed in order to protect the company from a lawsuit bought by a customer and that discussions are taking place with a potential investor.

However those who invested money through the crowd funding could be left out of pocket. The legal move may only affect the holding company with staff and customers unaffected.

MBO

The company is headed by MD Sean Langdon who completed a management buyout following the retirement of founder and chairman John Charnley.

In June 2017, Discovery Yachts announced it had acquired the Southerly range of swing keel sailing yachts for an undisclosed sum.

In June 2018, Werner Schnaebele increased his shareholding in Discovery Yachts Group by 20% from Sean Langdon, in addition to a 10% shareholding acquisition in the group during the crowd funding.

Sean and his management team are understood to have retained more than 35% of the company.

The company employs 120 staff.

Crowd funding websites state that investors should implement a diversification strategy when building an investment portfolio in order to cushion any losses.

via Boating Business | Discovery Yachts to appoint insolvency experts?.

Boating Business | Fastnet fans dismayed at finish move

FASTNET FANS DISMAYED AT FINISH MOVEHOMENEWSINDUSTRY NEWSFASTNET FANS DISMAYED AT FINISH MOVE28 Nov 2019EmailShareFacebookLinkedInTwitterPrintThe finish of the Fastnet Race is moving from Plymouth to Cherbourg Photo: RORCINDUSTRY DATABASEROYAL OCEAN RACING CLUBSupporters of the Fastnet Race have expressed dismay that the iconic race’s finish will move from Plymouth to Cherbourg in France.The Royal Ocean Racing Club (RORC), organisers of the Rolex Fastnet Race, has announced that Cherbourg will host the finish for the 2021 and 2023 editions of the biennial race.The French city is putting in place a package that includes increased birthing, enhanced shoreside facilities along with new competitor functions and events. RORC Commodore, Steven Anderson, said that it was an exciting time for the race. “Finishing the race in Cherbourg will encourage and secure continued growth of the Club’s must prestigious event and provide an enhanced competitor experience,” he said.“The race has grown steadily over the past two decades and more and more people want to take part. We have had to limit entries in recent years because of berthing constraints, but Cherbourg offers significant additional berthing and improved facilities for competitors, so we will be able to take a larger number of entries and give more sailors the opportunity to compete in this very special race.”British traditionThe new course will be 90 nautical miles longer and RORC says there is no decision yet on whether or not it will run before or after Cowes Week in 2021. Details of the announcement were made online in a Facebook Live broadcast with many watching opposing the decision.Fastnet is “a British tradition and British race,” said Gareth Evans. “It should really finish in Great Britain.” Adrian Gray agreed, calling the news ‘stomach-churning’ whilst Paul Browning called it a ‘sell out of the many for the vested interest of the elite.”The comments continued with Paul Cunningham saying that ‘a precedent has now been set; that the race finish can be moved to anywhere that is approximately 600-plus nautical miles from Cowes after rounding the Fastnet rock’ and Nick Barlow stating that the ‘additional distance will definitely favour the larger boats’.

via Boating Business | Fastnet fans dismayed at finish move.

Boating Business | Honda powers INEOS Team UK support boat

HONDA POWERS INEOS TEAM UK SUPPORT BOAT

HOMENEWSBOATBUILDINGENGINES & PROPULSIONHONDA POWERS INEOS TEAM UK SUPPORT BOAT

27 Nov 2019

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Honda is supplying the engines for Ribquest’s Velocity, the support boat for INEOS Team UK Photo: Honda

INDUSTRY DATABASE

HONDA UK LTD

Honda is working alongside marine manufacturer Ribquest to provide two new support boats for INEOS Team UK in its bid to take home the America’s Cup for Britain for the first time.

Supporting the new AC75 race boat will be the 11.6m Ribquest Velocity, weighing 3.5 tonnes and capable of speeds in excess of 60 knots powered by its three BF250 Honda Marine Outboards.

“This is the first support boat for the race boat, it’s going to get used for any close quarter manoeuvres, coming in and out of the harbour and also for any on the water emergencies,” explained Jake Bishop, support fleet manager at INEOS Team UK. “The new America’s Cup boat is going to be reaching between 50 and 60 knots so for these support boats we should be seeing 60 plus knots which should enable us to keep up with them.

Unmatched support

“We’ve chosen to partner with Honda for our engine package, because they managed to step forward and offer a level of support that’s unmatched by all the other brands and we’re really excited about working with them.”

The two boats will each carry 700L of fuel and the expectation is that they will have a range with the three Honda engines of 700 nautical miles.

“We’ve worked with Honda before on a number of projects,” said Graham Lawton, Ribquest MD. “The technical basis of the Velocity hull is built on a stepped hull design, race technology that’s actually been brought forward into the public sector, scaled to a point where we can still prove the load carrying capability and speed achievable.”

via Boating Business | Honda powers INEOS Team UK support boat.

Boating Business | Fastnet fans dismayed at finish move

FASTNET FANS DISMAYED AT FINISH MOVE

HOMENEWSINDUSTRY NEWSFASTNET FANS DISMAYED AT FINISH MOVE

28 Nov 2019

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The finish of the Fastnet Race is moving from Plymouth to Cherbourg Photo: RORC

INDUSTRY DATABASE

ROYAL OCEAN RACING CLUB

Supporters of the Fastnet Race have expressed dismay that the iconic race’s finish will move from Plymouth to Cherbourg in France.

The Royal Ocean Racing Club (RORC), organisers of the Rolex Fastnet Race, has announced that Cherbourg will host the finish for the 2021 and 2023 editions of the biennial race.

The French city is putting in place a package that includes increased birthing, enhanced shoreside facilities along with new competitor functions and events. RORC Commodore, Steven Anderson, said that it was an exciting time for the race. “Finishing the race in Cherbourg will encourage and secure continued growth of the Club’s must prestigious event and provide an enhanced competitor experience,” he said.

“The race has grown steadily over the past two decades and more and more people want to take part. We have had to limit entries in recent years because of berthing constraints, but Cherbourg offers significant additional berthing and improved facilities for competitors, so we will be able to take a larger number of entries and give more sailors the opportunity to compete in this very special race.”

British tradition

The new course will be 90 nautical miles longer and RORC says there is no decision yet on whether or not it will run before or after Cowes Week in 2021. Details of the announcement were made online in a Facebook Live broadcast with many watching opposing the decision.

Fastnet is “a British tradition and British race,” said Gareth Evans. “It should really finish in Great Britain.” Adrian Gray agreed, calling the news ‘stomach-churning’ whilst Paul Browning called it a ‘sell out of the many for the vested interest of the elite.”

The comments continued with Paul Cunningham saying that ‘a precedent has now been set; that the race finish can be moved to anywhere that is approximately 600-plus nautical miles from Cowes after rounding the Fastnet rock’ and Nick Barlow stating that the ‘additional distance will definitely favour the larger boats’.

via Boating Business | Fastnet fans dismayed at finish move.

Boating Business | Phil Sharp sets IoW record in eco bid

PHIL SHARP SETS IOW RECORD IN ECO BID

HOMENEWSECO AWARENESSPHIL SHARP SETS IOW RECORD IN ECO BID

02 Dec 2019

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Phil Sharp is raising awareness of the need for clean energy Photo: Paul Wyeth Photography

Phil Sharp has set a new record for sailing around the Isle of Wight aboard his Class 40 race boat in a bid to raise awareness of the need for clean energy in the maritime sector.

“Today’s record was about raising awareness for the need to accelerate clean energy innovation in the maritime sector,” said Phil. “OceansLab is a platform demonstrating vital and scalable clean technologies like solar, battery, electric and fuel cell systems that can be embraced to decarbonise the sector.

“Industry targets need to be accelerated to better fall in line with climate change targets. We need to start introducing these technologies and replace fossil fuel systems in order to reduce harmful air pollutants. Inshore and commuting ferries would be a good start and where levels of air pollution such as in Southampton are too high and hazardous to the health of local communities.”

Once ratified by the World Sailing Speed Record Council, Phil’s time of five hours, five minutes and four seconds averages 9.8 knots and breaks the previous record for the circumnavigation of the island in a single-handed monohull of up to 40ft of six hours, 29 minutes and 32 seconds set in 2017 by Alex Alley.

This latest record adds to his previous two – the crewed Around Great Britain and Ireland and the single-handed Cowes-Dinard.

via Boating Business | Phil Sharp sets IoW record in eco bid.

Boating Business | Princess Yachts new academy opens

PRINCESS YACHTS NEW ACADEMY OPENS

HOMENEWSINDUSTRY NEWSPRINCESS YACHTS NEW ACADEMY OPENS

02 Dec 2019

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Princess Yachts apprentices are to be taught at South Devon College

INDUSTRY DATABASE

PRINCESS YACHTS INTERNATIONAL PLC

The new Princess Yachts Learning Academy has officially opened at South Devon College.

The development follows on from a recent partnership between the college and the boatbuilder and will allow apprentices to be taught at the college while gaining a realistic experience working with the same products and systems that the company uses.

The new workshop is 90m² and will provide real life skills training and allow apprentices to practice their areas of specialism in relation to their individual apprenticeship.

Apprentices will work on a Princess V40 hull, built especially for the academy.

To complement the newly opened workshop, there is also a new Princess Yachts classroom in the college’s £17m Hi Tech and Digital Centre.

Realistic experience

Apprentices will receive on and off-water activities with exposure to each of the roles involved in building luxury yachts.

The week will be structured to follow Princess Yachts’ working hours to provide a realistic work experience, with the college providing a coach to pick up apprentices from Princess Yachts’ Coypool base at 7am, returning to the site at 5pm.

In addition to their apprenticeship qualifications, each apprentice will receive the Open Awards Exploring Maritime Skills qualification, as well as a range of additional transferable skills.

The ribbon on the new workshop was cut by chief operating officer of Princess Yachts, Matt Pears.

via Boating Business | Princess Yachts new academy opens.

Boating Business | Crewsaver unveils new safety lines at METSTRADE

CREWSAVER UNVEILS NEW SAFETY LINES AT METSTRADEHOMENEWSBOATBUILDINGSAFETYCREWSAVER UNVEILS NEW SAFETY LINES AT METSTRADE22 Nov 2019EmailShareFacebookLinkedInTwitterPrintThe Crewline Pro range Photo: CrewsaverINDUSTRY DATABASECREWSAVER LTDCrewsaver has launched a range of new safety lines.The Crewline Pro safety line range is designed for those who have a need to tether to a yacht in unstable conditions, where there may be risk of falling overboard.“Our goal is to introduce a brand-new safety line range, for those in high performance racing environments, where nothing but the best technology will do,” explained Crewsaver’s commercial director, Matt Bridge.The full rangeSelf-locking safety hooks with a wide opening allow the user to easily attach the Crewline Pro to the lifejackets or safety harness attachment point and a suitable anchor point on the yacht as required.The hydrophobic webbing helps to keep the safety line as light as possible, even in the harshest environments, as it reduces the amount of water absorbed compared with more conventional safety lines. The range is available in four models including elastic and non-elastic with a choice of a single, double or triple hook set up.  Crewline Pro is ISO 12401 approved and includes an overload indicator which is activated once placed under an excessive load of 400kg. The range will be available from March 2020.

via Boating Business | Crewsaver unveils new safety lines at METSTRADE.