Motor Boat Equity Sharing Syndicates in the UK, why is the online market so limited?

[Sea Master]

Having recently caught the boat bug and not possessing unlimited funds, the idea of boat equity sharing or a boat syndicate, really appeals to me as a way to get on the water in a decent sort of boat before retirement age. It makes a lot of sense to split the high costs of purchase and maintenance and share the experience with others who have a similar interest and not feel that the boat is lying idle a lot of the time when your not able to use it yourself.

I have read a lot of good info on this forum and the many different points of view and understand there are many successful syndicates in operation, but they all seem to be arranged through personal contacts. I have looked at the UK websites that are offering some help in buying and selling shares and the thing that strikes me is how limited the online market is for sharing of motor boats and no support for starting a syndicate with the intention of buying a boat together. Yachts and canal/narrow boats have a very active online sharing market, but motor boats are nearly all limited to high end boats outside the UK. Researching the overseas market, Australia appears to have adopted equity share syndicates on this excellent site https://www.boatequity.com.au and the syndicate concept is popular in the US. I have seen some of the newer boat membership schemes which are cleverly done but for me I want to feel some sense of ownership in a 1/3 or 1/4 share and I know others on this forum feel the same.

We are now moving into the sharing economy with Uber, Airbnb etc showing how disruptive technology can be to traditional markets. The high barrier to entry of motor boat ownership seems ripe for disruption with a well thought out boat equity sharing website.

 

[Nigelpickin]

The weather

 

[jfm]

Tee hee. In your first post you claimed the sector is dominated by big white posh boats, and in your second post you want a slice of one :encouragement:

Seriously, there isn't much of a uk market to disrupt. Not that many people want to share and of those many prefer to share privately rather than through match dot com. I shared 2 boats years ago (inefficient big whities) but did it privately and it worked brilliantly.

Check out Petem's thread if you're interested in a white 40 footer in Mallorca otherwise good luck finding or making a syndicate- it's worth it IMHO if you get it right.

 

[Whitelighter]

Look at pure latitude - not a syndicate but a boat club.
For £6,000 a year you get access to 20 boats (both sail and power) and around 15-20 days on the water.

Power boats include Antares 760, Anyares 30, Aquador 32, Jeanneau Prestige 36 and Fairline Squadron 42

https://www.purelatitude.com/

 

[petem]

Tee hee. In your first post you claimed the sector is dominated by big white posh boats, and in your second post you want a slice of one :encouragement:

Seriously, there isn't much of a uk market to disrupt. Not that many people want to share and of those many prefer to share privately rather than through match dot com. I shared 2 boats years ago (inefficient big whities) but did it privately and it worked brilliantly.

Check out Petem's thread if you're interested in a white 40 footer in Mallorca otherwise good luck finding or making a syndicate- it's worth it IMHO if you get it right.

I honestly think that as the cost of running a boat continues to rise along with the realisation that most boats sit idle for most of the year, boat syndicates will rise in popularity. Indeed there are many people sharing large boats (>50ft) in Mallorca but these boats and the resultant syndicates are too big for my liking. Indeed, only yesterday I had a call from someone wishing to move from a 1/8 syndicate to the one that I'm starting.

The two web sites that appear to be the most popular are:

http://www.boatsharefinder.co.uk/
http://www.yacht-share.net/

As JFM kindly pointed out, I am currently looking for someone to share in the purchase of a Phantom 40 based in Mallorca - http://www.boatsharefinder.co.uk/detail.aspx?id=c68906e0-0c84-425b-94b4-89de4c45a688. I've had some positive responses and am hoping to conclude a purchase before the end of the year. But forming a new syndicate does have challenges. If you're interested then I can be contact via the ad.

 

[Hurricane]

Maybe it is because "An Englishman's Home is his Castle"

We love having visitors but, essentially, the boat is OURS.
We can do what we like with it and all our personal belongings are on board.
The thought of sharing that with anyone would drive me away from boats.
In fact that is the same reason that I wouldn't want crew on board.

 

[MapisM]

We are now moving into the sharing economy with Uber, Airbnb etc showing how disruptive technology can be to traditional markets.
The high barrier to entry of motor boat ownership seems ripe for disruption with a well thought out boat equity sharing website.

I can't for the life of me see how these "disruptive technologies" can be relevant to pleasure boats - as well as I'm completely missing the sense of any analogies with Uber and Airbnb.
Mind you, I might well be missing something, and I'm willing to be enlightened.
But TBH, I don't hold my breath: after only two posts, you seem more interested to make ripples, rather than contribute to the discussions that follow...
Looking forward to the next. As they say, one's an incident, two's a coincidence, and three's a pattern!
Welcome to the asylum, anyway.

 

[petem]

Maybe it is because "An Englishman's Home is his Castle"

We love having visitors but, essentially, the boat is OURS.
We can do what we like with it and all our personal belongings are on board.
The thought of sharing that with anyone would drive me away from boats.
In fact that is the same reason that I wouldn't want crew on board.

But Mike, you're in a financial position where you don't have to make such a compromise. I don't have that luxury but overall my lifestyle is pretty good compared to most people) so I'm not complaining. No doubt if I was a multi-millionaire, I wouldn't be prepared to make compromises like boat sharing.

For what it's worth, I expect to leave personal belongings on board*, I'll just have to keep them to a sensible level and pack them up / keep them in a holdall in a lazarette when someone else is using the boat. Is that really such a big deal? And being part of a small syndicate, I expect that I'll have a greater feeling of ownership that if I was part of a 8 or 10 person syndicate. And I still have the luxury of being able to use it on the spur of the moment (within reason).

I guess I'm pretty laid back and easily pleased, as I hope you'll attest to having met me!

* Of course, this means that I'll have a few beers and a pair of trunks. The other 99% of our 'allowance' will no doubt be taken up with the wife's clutter.

 

[BruceK]

It does make a lot of sense but it's an emotive subject. I considered it and instead bought something within my means. Chances are in a boat sharing scheme (of limited funds) you'd end up with a rather nice newer boat but for the price you will pay you could own a more modest older boat. You may be surprised at what you can find within your means if you are brave enough to look outside the perennial favourites. They may not be big, they may not be white, but they will put you on the water and give you a smile all the same. However if you are the kind that also wants to wear their boat as jewellery then it's not for you.

 

[Hurricane]

But Mike, you're in a financial position where you don't have to make such a compromise. I don't have that luxury but overall my lifestyle is pretty good compared to most people) so I'm not complaining. No doubt if I was a multi-millionaire, I wouldn't be prepared to make compromises like boat sharing.

For what it's worth, I expect to leave personal belongings on board*, I'll just have to keep them to a sensible level and pack them up / keep them in a holdall in a lazarette when someone else is using the boat. Is that really such a big deal? And being part of a small syndicate, I expect that I'll have a greater feeling of ownership that if I was part of a 8 or 10 person syndicate. And I still have the luxury of being able to use it on the spur of the moment (within reason).

I guess I'm pretty laid back and easily pleased, as I hope you'll attest to having met me!

* Of course, this means that I'll have a few beers and a pair of trunks. The other 99% of our 'allowance' will no doubt be taken up with the wife's clutter.

OK
But I was trying to answer the OP's post.
IMO, this is why we don't have many/any syndicate websites in the UK

 

[bigwow]

Maybe it is because "An Englishman's Home is his Castle"

We love having visitors but, essentially, the boat is OURS.
We can do what we like with it and all our personal belongings are on board.
The thought of sharing that with anyone would drive me away from boats.
In fact that is the same reason that I wouldn't want crew on board.

+1
In fact, sad as it appears, my boat is like a third child, the favoured one so I'm told. I can do what I want when I want and can't envisage having to consult others on anything pertaining to it!:encouragement:

 

[petem]

OK
But I was trying to answer the OP's post.
IMO, this is why we don't have many/any syndicate websites in the UK

Fair enough Mike!

 

[petem]

+1
In fact, sad as it appears, my boat is like a third child, the favoured one so I'm told. I can do what I want when I want and can't envisage having to consult others on anything pertaining to it!:encouragement:

As I always say, the arrival of a new boat is like the birth of a child, only more exciting!

 

[Nigelpickin]

I'm completely missing the sense of any analogies with Uber and Airbnb.
Mind you, I might well be missing something, and I'm willing to be enlightened.
But

You're not missing anything, the OP is comparing apples with oranges, or perhaps not even as close to that.

Air b&b is a hipster model that has turned into agregate accommodation listing for property investors. Uber is a taxi service most comparable to charter boats - at best.

Point is that if you are in getting say 80 days of the year in the U.K. that deliver weather suitable for family boating then why on earth would you take an equity stake at the same market value on a U.K. boat share when for the same price you can get 300 perfect days in the Med?
My guess is that is why the power boat sharing market is not going to be disrupted in the U.K. - along with all the other comments made.

 

[petem]

Point is that if you are in getting say 80 days of the year in the U.K. that deliver weather suitable for family boating then why on earth would you take an equity stake at the same market value on a U.K. boat share when for the same price you can get 300 perfect days in the Med?
My guess is that is why the power boat sharing market is not going to be disrupted in the U.K.

Excellent point! With the crap UK weather you want to be able to choose the (nice) days you go boating. If you're sharing a boat and your annual allowance is only two or three weeks it would be pretty poor if it was cloudy / windy / raining for those weeks. At least in the Med you can be 90% sure of some sun even if it's a bit windy at times.

 

[Lioness]

Excellent point! With the crap UK weather you want to be able to choose the (nice) days you go boating. If you're sharing a boat and your annual allowance is only two or three weeks it would be pretty poor if it was cloudy / windy / raining for those weeks. At least in the Med you can be 90% sure of some sun even if it's a bit windy at times.

In some ways the points you and Nigelpickin raise are reasons TO join a UK syndicate. Waters and harbourside pubs are much less congested when its cold, dark, raining and cloudy even though both have heating and shelter. Also you can pop down to your UK boat anytime for an evening after work or weekend break rather than having to wait for your annual leave. Hey for a few hundred pounds more you could have a share in a UK and Med boat and have the best of both worlds! Surely that's the real beauty of boat sharing?