Larkman’s Boatyard acquired by Sam and Kayleigh Whitworth
Specialist M&A Advisory firm First Peninsula Marine is pleased to announce the sale of Larkman’s Boatyard after it was purchased by Sam and Kayleigh Whitworth.
Larkman’s Boatyard, an extensive facility offering the full suite of boatyard operations, based in Suffolk, has been acquired by Sam and Kayleigh Whitworth.
Larkman’s Boatyard was first established in 1959 and moved to its present location in Woodbridge, Suffolk in 1966. Family owned with three generations of Larkmans having worked in the boatyard, the site has seen much development since its inception and is now one of the largest boatyards in the area.
Fred Larkman said:
“The company was started by Dick and Dawn Larkman. It has always been a family-run business in which three generations of Larkmans have worked.
“The company has gradually expanded from being a storage yard for 30 boats to its present size with capacity for 200+ yachts up to 45′ in length.”
Situated on the banks of the River Deben on a 5.54-acre plot, the expansion has resulted in an offering of a complete service package for boat owners, including maintenance, engineering works, rigging services and lay-up packages. The location also offers three river moorings and a chandlery.
Significant life events were the catalyst for the purchase by the Whitworths, driving a desire for change.
Sam said:
“Life threw us a pretty major curve ball in the form of a significant health challenge and we started to question how we were living our lives and if we were giving our children and ourselves the best we could.
“We decided to stop in and look at Larkman’s Boatyard during a break on the north Norfolk coast, and we subsequently knew we wanted to take the yard on. After seven months, after it was all finalised, we sold everything in Hampshire and relocated to Suffolk to take on the yard.”
Sam has an extensive background in the marine sector, both in boat building and engineering, so is well placed to take on the well-established boatyard:
”I started my career at Spirit Yachts, training first as a boat builder and then a marine engineer. Towards the end of my time at Spirit, I studied for a degree in Mechanical Engineering.
“This led to opportunities designing systems to refuel aircraft in flight, setting up a modular building factory and developing hydrogen refuelling systems to decarbonise heavy transport.”
Sam Whitworth - new owner of Larkman's Boatyard
Kayleigh’s background is in education and business administration.
“I feel the roles we have both held have formed a great grounding to be taking on this kind of business. It’s been a mix of technical skills, customer-facing service and organisation that we feel will come in very useful.”
Sam Whitworth - new owner of Larkman's Boatyard
The Larkmans are confident that the boatyard is in safe future hands with the Whitworths:
“One of the primary reasons we feel Sam and Kayleigh are the right buyers for the boatyard is their desire to keep it as a working boatyard. Right from the outset of the sale process it was a priority that the yard should continue to provide for our loyal customer base.
“Steve and Yvonne plan to spend more time with family in retirement and both Steve and I have a number of projects to complete.
“We wish Sam and Kayleigh success and hope they find running the boatyard enjoyable and rewarding.”
Fred Larkman - Larkman's Boatyard
The future of the boatyard is clear to the Whitworths – to maintain the integrity and service synonymous with Larkman’s Boatyard, whilst rebranding it as Deben Boatyard.
“Our customers love the fit and feel of the yard as it is. We want to make sure we hang on to this and the reputation the Larkmans have built.
“We will sympathetically update the yard over the coming months and years. We want to increase the number of boats in the yard and offer a wider range of services.
“We know there is a lot of hard work ahead, but we couldn’t be happier or more excited for the future. Kayleigh and I are really excited to be embarking on this adventure together.”
Sam Whitworth - New owner of Larkman's Boatyard
Pictured (from left): Antony Larkman, Dawn Larkman, Stephen Larkman, Yvonne Larkman, Kayleigh Whitworth and Sam Whitworth
About Larkman’s Boatyard
Larkman’s Boatyard was first established in 1959 and moved to its present location in Woodbridge, Suffolk in 1966. The site has since been expanded and developed over the years, including investment into an extensive yard equipment inventory, whilst increasing its customer base accordingly. Today, having acquired three separate plots of land over time, it is one of the largest boatyards in the area.
Larkman’s is situated on the banks of the River Deben and is 5.54 acres overall for hardstanding and boatyard operations. Its maximum storage capacity is approx. 230 boats (45ft max length / 7ft max draught) and includes three river moorings.
Services include cranage up to 15 ton maximum, storage and a variety of lay-up packages from which it generates significant recurring income each year. Other services include chandlery, rigging, refits, engineering, repairs and maintenance.
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: £975,000
- Financials: Undisclosed
- Transaction Structure: Acquisition of 100% of Share Capital in R.Larkman Limited
- Advisors to R.Larkman Limited: First Peninsula Marine / Barker Gotelee Solicitors LLP
- Advisors to Purchasers: Prettys Solicitors LLP