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?.

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