DEPOSIT PROTECTION

Marbella Malcom said:
Has anyone experienced this......Up until yesterday I agreed to purchase a new Princess V50 and a deposit of £250k was requested and a stage payment of £300k in August with completion and delivery in February. As it’s a lot of money I requested either the funds in escrow or a bank guarantee as clearly until completion I would have no security. This was steadfastly refused? Was I being unreasonable?
Click to expand...
Could be a totally different firm but when I looked up on "Endole" where I normally look for information companies I typed in the name of a boat firm I bought a boat from in 1976 and another in 1979 and it came up that they were still trading but had gone into Administration a month ago The name of the firm is Marine Secol Trading Company Limited and their website is PRINCESS.CO.UK
Obviously a different business to Princess Motor Yachts in Plymouth.
 
Jim@sea said:
Could be a totally different firm but when I looked up on "Endole" where I normally look for information companies I typed in the name of a boat firm I bought a boat from in 1976 and another in 1979 and it came up that they were still trading but had gone into Administration a month ago The name of the firm is Marine Secol Trading Company Limited and their website is PRINCESS.CO.UK
Obviously a different business to Princess Motor Yachts in Plymouth.
Click to expand...
This is ancient history. Marine Secol were agents for Princess in the early days and nothing to do with the current Princess Yachts (which in those days was called Marine Projects)

Fail to see why your experience over 45 years ago has any relevance to this current thread.
 
Tranona said:
This is ancient history. Marine Secol were agents for Princess in the early days and nothing to do with the current Princess Yachts (which in those days was called Marine Projects)

Fail to see why your experience over 45 years ago has any relevance to this current thread.
Click to expand...
Yes. Obviously the Marine Secol who I bought Brand New Princess 33 off in 1979 is a totally different business to the Marine Secol Trading Company Limited who have just gone into administration.
The only reason I have dragged up "ancient history" is that in 1979 I was ripped off. When I decided to buy a New Princess 33 they showed me a "demonstrator" which they had in the water at another marina.
I looked at it and it had a few extras which I did not want, like a £130 (1979 prices) Rear Boarding Ladder.
I refused to buy the one in the water.
I went back to the marina near where I lived and said "I want the next new one which comes out of the factory"
3 months later they said the "New " Princess had arrived. And when I got there they had already put it in the water.
On its first trip a gearbox oil seal blew spewing oil all round. They had to send a new gearbox with mechanics from Plymouth.
I started a close inspection of the boat and found papers which indicated that it had been made 9 months before and a careful examination of the transom revealed that holes where a Boarding Ladder had been fitted had been carefully filled with gel coat.
Which revealed that the very Princess 33 I had refused to buy had been cleaned up and sold to me as a "new" boat.
In addition when I ordered the Princess in the previous October I had Part Exchanged a Moody 30. So when the Princess was returned to Marine Secol, I was refuneded the money difference I had paid between the Princess 33 and the Moody and I was given the Moody 30 back (I wish I still had it)
But the problems did not stop there. When I sold them (in PX) the Moody 30, They did not winterise it. And when I took the Moody back, as they had not put Antifreeze in the engine, the cylinder block had a 6 inch crack, Which I had to sort out, although I was able to get the cost of the repair back from them.
This is why 42 years later out of curiosity I looked up Marine Secol on a Cpmpanies House Website.
 
All very interesting, but the OP is buying a V50 in 2022/3 for I would guess not far short of £3/4m. The only connection between his problem and yours is the name Princess!
 
I was down at Swanwick the other weekend and clearly a number of mobo buyers were there as well. I doubt that in present market any dealer or manufacturer (given number of buyers etc) will want in absence of a legislated scheme to do anything about complete lack of consumer protection for deposits however I suppose in the present market notwithstanding the Discovery experience any competent dealer should have creamed off large enough margins to be financially viable for a while.
 
You must log in or register to reply here.

Share this page

Top