Stevens yachts

[jadeflyer]

I see that Smelne yachts have gone bust, to those that aren't aware they are known as Stevens in the UK and very common cruising the Thames. Very sad as they are high quality boats but come at a high price with the Euro as it is. I wonder if anyone has one in build having made any payments. I took delivery of one last year and did have worries at the time if this happened to me. There have been discussions on other forums regarding this problem of part payment. It can't help the builders if customers are afraid to put down deposits if they are in danger. I see Ferretti are also in danger.

 

[No Regrets]

I know a couple of dodgy types who own one...

Nice boat otherwise /forums/images/graemlins/grin.gif

 

[Brayman]

I've bought two Stevens' from new and on both occassions have insisted that my payments went into an Escrow account, that money only being released when I was perfectly happy with what I had delivered.
I would advise anyone to do the same with whatever large purchase they are considering.
I hadn't heard about Smelne going under, very sad if it is true.
Does that increase the value of my boat or not I wonder?

 

[jecuk]

Some form of escrow is critical. You are likely to have no comeback other than an unsecured creditor if this occurs part way through a build.

Supposed to be nice boats. 50 years too modern for my liking! /forums/images/graemlins/wink.gif

 

[Brayman]

Yours was new once!

 

[jecuk]

[ QUOTE ]
Yours was new once!

[/ QUOTE ]

I seriously doubt it. /forums/images/graemlins/smile.gif

 

[Brayman]

[ QUOTE ]
[ QUOTE ]
Yours was new once!

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I seriously doubt it. /forums/images/graemlins/smile.gif

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/forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif

 

[DWT]

[ QUOTE ]
I've bought two Stevens' from new and on both occassions have insisted that my payments went into an Escrow account, that money only being released when I was perfectly happy with what I had delivered.
I would advise anyone to do the same with whatever large purchase they are considering.
I hadn't heard about Smelne going under, very sad if it is true.
Does that increase the value of my boat or not I wonder?

[/ QUOTE ]

Good advice. The BA Peters case recently reported shows what can happen with client account money when a business gets into difficulty. I was a little surprised at the proceedings taken by two of the clients who were trying to claim that they could trace their funds into the general business account (which if course was overdrawn). Perhaps there were some particular circumstances which made them consider it worthwhile spending more money on legal fees, but the decision seemed to me to be the correct one (sadly for the people involved who had lost a very considerable sum of money).

I fear that there will be more cases like this in the current climate. At the moment I think it is the weaker businesses that are going to the wall, but with spending on luxury items falling and banks reluctant or unable to lend we are likely to start seeing some big names getting into difficulty.

I just hope there are some boat builders around with cash reserves so they can buy out the failed ones and preserve the brand and jobs and give some protection for the customers.