chewi
Active member
+1, I won't borrow for toys.
Northshore in trouble???
- Thread starter l'escargot
- Start date
+1, I won't borrow for toys.
Whitelighter
Active member
Koeketiene
Well-known member
One man's toy is another man's essential.
Speaking for myself, there's a load of stuff - no doubt considered essential by others - that I would give up long before I would consider getting rid of the boat.
Colvic Watson
Well-known member
The thing is Guapa, some of the posts about only using cash or never spending more than a percentage of your worth on a boat come from people who are never wrong. About anything. Ever. I could spend ten years saving for the Kipper or buy her on credit and enjoy sailing her for those ten years, I may be wrong but some other people never are 
Moonshining
Active member
Has there actually been any further news on Northshore? According to the link at the start of the thread, the yard closed a week ago and the content of the link was prompted by the same tank manufacturer that was referenced in earlier threads on here. I'd have expected some announcement to have been made by now.
Oscarpop
New member
I was about to say the same thing.
Aside from the endless discussion about contracts on this thread, I met some really good people during my frequent visits to Northshore. All of them worked for for the company, and dealt with commissioning, fitting out and electronics, design,graphics etc etc . They were all bloody helpful with everything I needed, and in my opinion went beyond the scope of the their job descriptions .
These are the people I feel sorry for.
I cannot see how Northshore have genuinely gone bust.
A year ago, the yard was full of boats in build. Last week there were seven in build.
This to me will open up again as a phoenix with the assets stripped out, and hopefully most of the staff re employed.
These men and women
photodog
Lord High Commander of Upper Broughton and Gunthor
The company sure looked prosperous.... Nice new building... Lots of investment over the past few years.... But if you look at the gross as reported it looks way too little to support all that investment.... And the tax paid reflects that they simply were not making any money... A few years back at our peak I was doing nearly half what they were gross.... And I was doing that in some grotty rented offices with 7 or 8 people.... I can't see how that Turnover could support the new factory etc....
It been a few years since the new guy bought the place iirc... I wonder if he just decided that enough was enough?
It been a few years since the new guy bought the place iirc... I wonder if he just decided that enough was enough?
lw395
Well-known member
The thing is Guapa, some of the posts about only using cash or never spending more than a percentage of your worth on a boat come from people who are never wrong. About anything. Ever. I could spend ten years saving for the Kipper or buy her on credit and enjoy sailing her for those ten years, I may be wrong but some other people never are
These days I don't do borrowing apart from the mortgage, but at the end of the eighties I had less than no wealth (negative equity and student/graduate debt) but I still owned a boat, albeit a cheap dinghy.
I think there are less people about now who can remortgage and free up a the price of a nice yacht. But if you look at the cars being sold, sales of top end brands seem to be doing better, I wonder how many are on credit?
Garold
Well-known member
Finance, loans, hp, mortgages etc, have always existed. Long before Shylock.
And our world would be very different without it.
Those that want to opt out from using it will probably have less stress in their lives. But I can't see how most of us could do business without it.
And our world would be very different without it.
Those that want to opt out from using it will probably have less stress in their lives. But I can't see how most of us could do business without it.
westernman
Well-known member
Down here in the SOF, I am sure the lack of parking spaces must be hurting new yacht sales.
After all, with a second hand yacht, as a rule, you can take over its parking space.
After all, with a second hand yacht, as a rule, you can take over its parking space.
Tranona
Well-known member
Agree with that. Can't see anything inherently virtuous about not borrowing money. It is called consumer preference and some people value the use of the asset more highly than the money it costs. It also depends on where you are in your life cycle. If you have a secure income it is quite possible to enjoy something today and pay for it tomorrow. Later in life many people end up with substantial amounts of cash from savings made early in life and can make the decision to convert some cash into an asset they can enjoy. Others at that point have constrained incomes that are not likely to increase so would avoid borrowing.The thing is Guapa, some of the posts about only using cash or never spending more than a percentage of your worth on a boat come from people who are never wrong. About anything. Ever. I could spend ten years saving for the Kipper or buy her on credit and enjoy sailing her for those ten years, I may be wrong but some other people never are
No one approach is right or wrong - we make our own decisions and live with them. Personally I had no qualms about borrowing while I was still able to enjoy the asset and service the loan. However, like Bosun Higgs decisions were always taken with an eye on the proportion of net worth tied up in a toy, so would never be ruined financially if it all went wrong.
Bosun Higgs
N/A
That rather sums up one of our major economic problems - a level of private debt that is the highest by some margin of all the big developed western economies. To quote Queen " I want it all , and I want it now!". Whatever happened to the idea of thrift, of saving for something, of living within your means?
Bosun Higgs
N/A
You're desperate. The business you built up is in trouble. All you need to do to tide you over is to "borrow" some money from the client account and you know you'll repay it next week.
Thats what happens. Often to solicitors. You are right - the client account is fine in theory and Tranona is right that its criminal to help yourself to client money. Doesnt stop it happening.
rwoofer
Active member
Spot on!
jbweston
Well-known member
There's a little more news here:
https://plus.ibinews.com/article/EM...yachts_facing_administration_or_receivership/
Basically just that as of yesterday the Itchenor works is closed and they aren't answering the phone. FRP Advisory is handling Northshore Yachts and was hoping to issue a statement.
There's a further piece posted today at
https://plus.ibinews.com/2013/04/19/northshore_yachts_enters_voluntary_liquidation/
Because I don't have a subscription to IBI all I can see is 'Northshore Yachts enters voluntary liquidation' (note not administration) and 'The move follows a "dramatic decline" in orders'.
So it looks like bad news for all concerned.
https://plus.ibinews.com/article/EM...yachts_facing_administration_or_receivership/
Basically just that as of yesterday the Itchenor works is closed and they aren't answering the phone. FRP Advisory is handling Northshore Yachts and was hoping to issue a statement.
There's a further piece posted today at
https://plus.ibinews.com/2013/04/19/northshore_yachts_enters_voluntary_liquidation/
Because I don't have a subscription to IBI all I can see is 'Northshore Yachts enters voluntary liquidation' (note not administration) and 'The move follows a "dramatic decline" in orders'.
So it looks like bad news for all concerned.
fireball
New member
Depends how it's managed doesn't it? Some ppl max out cards and convert to loans with smaller payments the take out more cards - they are living beyond their means. Those of us with a bit more sense are quite capable of working out what we can and can't afford. At the end of the day if it comes to it, the boat could go - but it's not that likely.
Garold
Well-known member
You can't be serious.
If we'd waited till we had enough money.....
To get married
To have kids
To move houses
To buy a boat
To change jobs
To start a business
To expand the business
Etc
Etc
Our lives would be short of a few memorable experiences.
And they were all worth the risk. Especially the kids.
Cheers
Garold
Tranona
Well-known member
Except than when you look at the crooks that do dip into client accounts they are usually in a position where nobody checks systematically on what they are doing. Solicitors who steal usually target funds that belong to clients who do not hold them to account on a regular basis. They are also usually partners so the negative financial part of the wrongdoing falls on the partnership or their professional insurance.
Very different from a yacht broker who is often either an individual or an employee, not a partner. He is accountable for funds on a regular basis as they do not stay in the account for more than a few days or at the most with a deposit for weeks. He has to account to his client within days of receiving money. He cannot insure against his own criminal activity.
Sorry to go on about this, but don't think there has ever been a case of a broker stealing client funds. The potential for wrongdoing increases dramatically when the transaction is with somebody dealing with the asset (buying or selling) on his own account.
It is all too easy to roll different types of business entities into the same pot when there are very clear differences and risks associated with doing business with them.
jordanbasset
Well-known member
Agree
BrianH
Active member
I'm with the Bosun. It just means adjusting expectations - no need to sacrifice the principle of boat ownership, just get a cheper or smaller one. Or build one by giving up something else if you really want one enough. I did all of that and I do not think my memories have any less merit than anybody else's.
