Boatfolk to be refinanced or sold...it seems

[Fire99]

Hi all,

Since I'm a Boatfolk customer I always keep my nose to the ground so to speak. Not sure if others have seen this (subscriber only article). CBRE have been appointed to help assess Boatfolk's financial situation with a mind of refinancing or more likely selling on the business. They owe Mansford Opportunities V LP (Private Equity Business) £65 million plus deferred interest and I'd wager that PE being what it is, it's probably time to move the business on.
Will be interesting (to some) how things pan out and if there are any operational changes as a consequence.

Boatfolk Marinas reviewing its future financing options

 

[rafiki_]

I’m also a Boatfolk customer. I heard a few months ago that they might have finance issues. I guess we will hear more with their next briefing note.

 

[Fire99]

I’m also a Boatfolk customer. I heard a few months ago that they might have finance issues. I guess we will hear more with their next briefing note.

Yeah it'll be interesting to see.. I'm not the Private Equity expert but they seem to have followed the model of growing the business as big as possible whilst (particularly where I am) slimming operating costs down to the minimum. I'd say from a PE point of view, now would be about time to move the business on.

 

[rafiki_]

I’ve had a look through their various statements on companies house, and can’t see any ref to a PE Group or VC’s. Maybe this is in the small print somewhere? The do say that the £ owing will be paid in Dec 2026, so no immediate deadline.

 

[Seastoke]

They were going to take on the other marina Deganwy in Conwy , but that seems a no go now , it adds up now.

 

[Fire99]

I’ve had a look through their various statements on companies house, and can’t see any ref to a PE Group or VC’s. Maybe this is in the small print somewhere? The do say that the £ owing will be paid in Dec 2026, so no immediate deadline.

Mansford Opportunities V LP are the Private Equity business at the top of the tree, so to speak, of the organisation. Regarding Dec 26. That is an extension. The payment due date was June 30th, 2025 and was subsequently extended to Dec 26.

 

[rafiki_]

Mansford Opportunities V LP are the Private Equity business at the top of the tree, so to speak, of the organisation. Regarding Dec 26. That is an extension. The payment due date was June 30th, 2025 and was subsequently extended to Dec 26.

Correct

 

[Fire99]

They were going to take on the other marina Deganwy in Conwy , but that seems a no go now , it adds up now.

My guess is they have stretched things as far as the elastic band will take 'em.

 

[stelican]

They were going to take on the other marina Deganwy in Conwy , but that seems a no go now , it adds up now.

Is that on the market now?

 

[Seastoke]

Is that on the market now?

It’s only leased from the kings estate , a company that has mainly inland marinas Lakeland estates. I tell a lie boat foam used to lease it from Crown estates ,but the crown sold it to Lakeland for 2.5 million in 2018.

 

[stelican]

Thankyou
Do you know if it is actively being marketed?

 

[xcw]

Thankyou
Do you know if it is actively being marketed?

I understand it is and I was talking to someone in the marina office who said they have had potential buyers looking around. Marina gossip suggests it is on for £95m

 

[Seastoke]

Thankyou
Do you know if it is actively being marketed?

I don’t know but I was told they would be glad to get rid, it is a 165 berth, with residential moorings as well .

 

[Seastoke]

I understand it is and I was talking to someone in the marina office who said they have had potential buyers looking around. Marina gossip suggests it is on for £95m

No way , it only has 165 berths, that’s £575000 per berth .

 

[benjenbav]

Surely pretty normal for investors to move in/out of investment space. Not sure what there is for customers to worry about?

 

[xcw]

No way , it only has 165 berths.

That was the Boatfolk group not a single marina

 

[ylop]

No way , it only has 165 berths.

I would imagine £95m would buy you the whole Boatfolk group of marinas.

From an operational and marketing perspective it’s never made much sense to me that marinas were part of chains. Looking at Masford’s website it makes slightly more sense - these aren’t sold as “marine businesses” but rather as real estate investments. Essentially the same sort of investors as hotels and student halls!

 

[ylop]

Surely pretty normal for investors to move in/out of investment space. Not sure what there is for customers to worry about?

In my experience once PE get involved, it’s run as a spreadsheet game and so enshitification of the service or price rises (or both!) is almost inevitable. If the current owners haven’t already done that anyone else with £100m to spend on a portfolio is almost certainly going to!

 

[Seastoke]

That was the Boatfolk group not a single marina

Ok but we were talking about Deganwy , but I am happy to be wrong.

 

[Seastoke]

I would imagine £95m would buy you the whole Boatfolk group of marinas.

From an operational and marketing perspective it’s never made much sense to me that marinas were part of chains. Looking at Masford’s website it makes slightly more sense - these aren’t sold as “marine businesses” but rather as real estate investments. Essentially the same sort of investors as hotels and student halls!

Well take Torbay MDL own both marinas so no local competition on price.