Boat brokerage acquired by boatfolk
Whyboats, the boat brokerage based in Southampton, has been acquired by boatfolk.
Whyboats was established in 2011 as a boat brokerage focusing on sales of high-quality monohull yachts, motorboats and catamarans. After a move to Deacons Marina, it was appointed as the England, Northern Ireland, Ireland and Wales Exclusive Agent for Elan Yachts in 2016.
Boatfolk runs 11 marinas, including Portishead, Conway and Rhu, and the acquisition will see it become a boatpoint brokerage. The new boat sales location, boatpoint Hamble, will take over the existing offices at Deacons Marina.
With over 20 years of experience in the UK and European brokerage industry, boatpoint is an international specialist in the sale of brokerage and new boats, and the new office at Deacons is a strategic move to further bolster its expanding boat sales business presence on the South Coast. It will be the seventh boatpoint office in partnership with Network Yacht Brokers, one of the largest groups of independent yacht brokers in the UK and Europe.
Following the acquisition with Whyboats Deacons, boatpoint will be an exclusive dealer for Elan Yachts in England, Wales and Ireland.
Michael Prideaux, Managing Director at boatfolk, sees the purchase as an investment.
He commented:
“We know that a brokerage service is something people want at marinas, and the launch of a seventh boatpoint office showcases our ongoing investment in this service and to expanding its geographic coverage.
“I am very excited for the future and the first-class service we can provide to both our local customers and those that are further afield.”
Ian Watkins, outgoing Director of Whyboats, believes the Deacons site is an important one.
He commented:
“Boatfolk is an ambitious marina group looking to build on its success in the marina management business by incorporating an in-house boat sales business – boatpoint.
“The Hamble area is the centre of UK yachting, so its important for them to have a presence in the area, and the former Whyboats site at Deacons Marina is one of the most high-profile sites on the South coast, and will be the head office for boatpoint as well as boatfolk.”
Ian Watkins’ former co-Director, Andrew Hyland, will be staying on and heading up the new boatpoint brokerage office in Southampton and will join boatpoint as Group Operations Manager.
He commented:
“I am absolutely thrilled to be joining the boatpoint team at this exciting and pivotal time.
“It’s great to be part of a strong and growing group. Our team of friendly staff are looking forward to being on-hand to answer any questions and help customers buy a boat that suits their needs at a price that offers exceptional value, or to sell their current pride and joy.”
First Peninsula Marine acted as advisors and agents to Whyboats.
Ian Watkins concluded:
“Working with First Peninsula Marine was a huge benefit in negotiating the sale and purchase process of Whyboats, and Paul Martin provided a professional and friendly service throughout by guiding us through the contract process.”
About Whyboats
Whyboats was established in 2011 as a boat brokerage focusing on sales of high-quality monohull yachts, motorboats and catamarans. After a move to Deacons Marina, it was appointed as the England, Northern Ireland, Ireland and Wales Exclusive Agent for Elan Yachts in 2016.
About First Peninsula Marine
First Peninsula Marine is a specialist business sales and acquisitions agency focused exclusively on the marine and maritime sectors. Operating nationally to provide a range of strategic advisory services to business owners, trade buyers, financial institutions and private investors. First Peninsula Marine advises on a wide range of instructions from £multimillion corporate finance backed transactions and strategic plc acquisitions to local owner-managed business sales.
Deal Summary
- Guide Price: £300,000
- Financials: Undisclosed
- Transaction Structure: Acquisition of assets including transferrable goodwill by Boatpoint Limited
- Advisors to Boatfolk Marina Group: Acuity Law
- Advisors to Why Yachting international: First Peninsula Marine / Scott Bailey LLP / Xebra Accounting