stelican
Well-Known Member
I read the news hear this morning, Surprised no thread any one have an opinion?
So whats up at Sunseeker
- Thread starter stelican
- Start date
Sandyman
Well-Known Member
No idea. Have they gone under ?
Geoffs
Well-Known Member
Sounds like Mr Braithwaite is getting ready for a well earned retirement, and bringing in new blood to run the company.
jfm
Well-Known Member
At a guess, bearing in mind there were liquidity problems (which I wont put detail on publicly, but for a while i wouldn't have placed a new-boat deposit with s/seeker, and I told various new-boating buyer forumites privately about these concerns), some new blood with "distress" experience has been put on the board to take some of RB's executive functions, as a compromise deal between the largest shareholder, the smaller shareholder and the banks.
Powersalt
Well-Known Member
well informed jfm, as usual
rubberduck
Well-Known Member
Just ran a check, my credit insurer are quite happy with them & have been for a few years, when were the problems ?
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PowerYachtBlog
Well-Known Member
I dont like SS actuall strategy of starting from 48 feet today, but for the rest I never heard bad credit stories, and their 2009 sales should be above 300 million UK£ according to IBI
the big boat market plus eighty feet has really slowed in the last year
while sales minus fifty feet are actually picking up, mostly in the 30 - 40 feet size
I think the new Fairline strategy where they will be going above 35 feet will give them good fruits. Princess IMO should also follow this example before this market will be dominated by the French & Italians.
Boating is back to where it was ten years ago with people starting in smaller sizes and then growing up slowly.
Sometimes loosing a client at thirty feet means lost forever....
the big boat market plus eighty feet has really slowed in the last year
while sales minus fifty feet are actually picking up, mostly in the 30 - 40 feet size
I think the new Fairline strategy where they will be going above 35 feet will give them good fruits. Princess IMO should also follow this example before this market will be dominated by the French & Italians.
Boating is back to where it was ten years ago with people starting in smaller sizes and then growing up slowly.
Sometimes loosing a client at thirty feet means lost forever....
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volvopaul
Well-Known Member
Plenty of boats at various stages present when I cruised by today both in the holes bay area and the main factory, though I was told firsthand this morning by the broker I was sea trialing with that kpgm were in???, so its common knowledge by now.
jfm
Well-Known Member
Great, so the credit insurer will have offered you a good rate. I'd continue to use him to insure your risks if i were you
. Just dont take his advice on any underwriting Sorry, not going to be specific about their liquidity on open forum but there are plenty of bankers who are aware of precisely where they were. They're ok, just got close, and I am not saying there is any distress currently. They've collected Mr Jordan's deposit for 50m job, for a start
rubberduck
Well-Known Member
Mmmmm, anyone else out there boat buyers should be aware of in your opinion, or does your advise of a few months ago re the safest bets still stand. Also, talking to a credit analyst from same firm about one of the other big 4,with whom I am sort of involved, I got the impression that they take into account customer deposits as assets, even though the boat has not been made yet. Is this correct ?
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mjf
Well-Known Member
Yes, I think the liquidity issue has raised its head - certainly at the show there was talk of banks becoming more involved in the daily activities....
I know from personal experience what a PITA it is when you a forced to concentrate on 'consultants' and the like iso running the biz and getting out of a percieved hole.
One aspect of S/S that I mis-trust is the seemingly constant mix up with the dealers.
S/S sales group, S/S London, M.M in Banus, on and on it goes. Who are you dealing with
Sometimes the staff do not know!
Seems to me this is daft with such a strong brand. I would only pay money to the Co that owns/operates the Poole factory.
I know from personal experience what a PITA it is when you a forced to concentrate on 'consultants' and the like iso running the biz and getting out of a percieved hole.
One aspect of S/S that I mis-trust is the seemingly constant mix up with the dealers.
S/S sales group, S/S London, M.M in Banus, on and on it goes. Who are you dealing with
Sometimes the staff do not know!
Seems to me this is daft with such a strong brand. I would only pay money to the Co that owns/operates the Poole factory.
westie34
N/A
Great, so the credit insurer will have offered you a good rate. I'd continue to use him to insure your risks if i were you
Sorry, not going to be specific about their liquidity on open forum but there are plenty of bankers who are aware of precisely where they were. They're ok, just got close, and I am not saying there is any distress currently. They've collected Mr Jordan's deposit for 50m job, for a start
I see you are a Failrine owner! can we please have a full report on Fairline's present position, and Princess as well from your mate mjf. What a dangerous person you are talking on an open forum without full supporting facts, as you seem to 'know it all' could you please explain, or I will treat your post as absolute rubbish. These are major UK companies you are talking about and spreading unfounded rumours about, perhaps you could name your company and we can have a poke around in your business!
The reason I say this is that I am on track to purchase a Sunseeker having done due diligence on them, and you are damaging my proposed investment with your snidey and as yet unconfirmed comments!
jimmy_the_builder
Well-Known Member
Oh man, where do you start with this. My suggestion, westie34, is that you do a bit of research by having a proper read through of jfm's past contributions to the forum. What you'll find is that without exception, he only ever writes what he knows, with qualifications where appropriate.
So if anyone's post is 'absolute rubbish' mate, it's yours.
Cheers
Jimmy
westie34
N/A
I don't frankly care, I want to see it on here, and if he will not put it on here then he should not have started what he has. Where does that leave me, is my accountant a liar?
What he has done is totally and utterly wrong, it is dangerous and he should know better. While he is at it, if he is so clever let's see Fairline and Princess details while he is at it.
My investment is going to be 7 figures, I want to know! Don't worry an e-mail has already gone to my accountant!
What he has done is totally and utterly wrong, it is dangerous and he should know better. While he is at it, if he is so clever let's see Fairline and Princess details while he is at it.
My investment is going to be 7 figures, I want to know! Don't worry an e-mail has already gone to my accountant!
fireball
Well-Known Member
So ... that's £10000.01 ....
PowerYachtBlog
Well-Known Member
Jimmy I think Westie34 has a bit of a point.
Putting dust to a company is very easy on a forum. JFM post while may be thruthfull in some points is implying that Sunseeker are in a very difficult position at the moment.
From what has been declared officially Sunseeker seem to manage keeping their sales in the last very difficult two years...
I still think that after what happened in the last years there have to be a way to protect the buyer better, while waiting for his boat to be built
Putting dust to a company is very easy on a forum. JFM post while may be thruthfull in some points is implying that Sunseeker are in a very difficult position at the moment.
From what has been declared officially Sunseeker seem to manage keeping their sales in the last very difficult two years...
I still think that after what happened in the last years there have to be a way to protect the buyer better, while waiting for his boat to be built
Hurricane
Well-Known Member
Wow
If I were you, I'd have an "off-line" chat with jfm .
If you have already committed to a purchase, you need to know how safe the commitment is.
If you haven't yet committed, you'd be well advised to listen to what he has to say.
IMO, when it comes to committing funds for deposits etc, you need to keep your ear as close to the ground as possible and get any info you can. Make your own decision but have all the facts you can get.
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westie34
N/A
This country is in enough financial turmoil and working hard to get out of the mess we are in, the last thing we need are pompous, self important twits, spreading idle gossip and unconfirmed snippets of information discrediting UK companies. This is a global forum and a lot of eyes are watching, so in short it is either put up or shut up, or even more importantly engage brain before posting!
The above is NOT aimed at anyone in particular, it is just a general view, I am, as a loyal British citizen doing my best for Britain.
The above is NOT aimed at anyone in particular, it is just a general view, I am, as a loyal British citizen doing my best for Britain.
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westie34
N/A
Fully appreciated and understood, this has been done and I have today ordered a full review after this post. Thanks
gjgm
Well-Known Member
I think so too. And in fact reading JFM previous posts you might come across his point somewhere along the lines that he prefers to/only comments on areas in which he is highly knowledgeable. That of course is commonly an enormous benefit to all of us on the forum. The knowledge I mean
However, it might here suggest that he knows something on this topic that the rest of us/the world doesnt, and in implying that (or am I infering that?) leads to alarm. Possibly justified, but we cant judge that, can we...
Of course, he could have asked me to suggest it all, then no one would have paid attention!
