sunseeker hit by crunch...

Re: sunseeker hit by crunch... possible new WNS question

On the news this morning in Norway they announced that 70% of the workers in the norwegian boat branch have now been layed-off, and this is in the wealthiest country in the world where every man and his dog has a boat and we have around 100 different producers.
Its going to be an intersting year one way or the other, sales were good for us though this month, we sold our new Princess 95 that was at LIBS before we even got it home! And we have sold a V62 and a V85 plus a load of small boats so someone has money to spend.
 
Re: sunseeker hit by crunch... possible new WNS question

yeah its not easy for no one, and I think the bigger the builder the more the problems you can have, I would stay with family managed boat yard right now, as these people care more for there buisness then would a financial company which if not happy with the balances will just pull the trigger

but what I meant with Ferretti 950 mill EUs LBO is that IMO is better position to Bavaria with its 800 mill EUs LBO
Ferretti is much more diversified to the others not only in the offer of the yachts but also in other services out there so this is a bonus really
other good thing with Ferretti is that there is still the founder members part of this all like Norberto, Antonelli Pershing boss and Aprea
yeah if you have a clean balance sheet it always better not only today but all the time

speaking of Ferretti there was a program on them this Sunday on Italian program Pianeta Mare Rete4, where they showed the concept of the yacht and delivery of an 881
they seemed very busy in Cattolica yard too where apart the big Ferettis in build, I also saw half of dozen of 23 Long Range in build stages, all lines where busy really

as for Sunseeker going bigger it is really a long plan and not about the crisis as delivery for the GRP built 45 metre is 2012 and the same or later seems to be for the Alloy yacht of 50 metres plus, I think they really know what they are doing
but the facts is that buisness is slowing and if we see redundancies in these companies we should not think they are going down but more of a general slow down really
 
Re: sunseeker hit by crunch... possible new WNS question

[ QUOTE ]
Their problem is €1bn of LBO debt...

[/ QUOTE ]Precisely.
And I wonder who made PY think that "other related cash revenue as servicing yards" can help, considering that they're also falling.
PY, if it's anyone from Forlì who told you so, the next time you talk to him you should ask why, while we are talking, Candover is negotiating with 60 or so banks a debt restructuring.
...not that I'd prefer to be in RBS boots (which is one of the most exposed), otoh... /forums/images/graemlins/ooo.gif
 
Re: sunseeker hit by crunch... possible new WNS question

Hi PY, I didn't read this post of yours before writing my previous one. My comment still stands anyway.
But I fully agree with you re. S/seeker: if Braithwaite thinks to face the crisis in the short term with a "go bigger" strategy (and thinking of 170' aluminum boats!?!), he has completely lost the plot.

PS: I wish you Antonelli won't read your post where you call him "Tilio"... /forums/images/graemlins/grin.gif
 
Re: sunseeker hit by crunch... possible new WNS question

LOL, it wasn't 'cause you used his first name, it's because it's Tilli, not Tilio...
/forums/images/graemlins/laugh.gif

PS: I sent you a pm linking to further details - in Italian, so not worth posting.
 
If what i hear is true then it makes good sence to move the workforce to the larger boats where delv quotes are 2014/2015.

i understand that S/S and Princess were not getting orders because of the too long lead times on their 25m+ yachts

That is what is happening - thats all.
 
[ QUOTE ]
"You are the first native english speaking customer I've talked to in a while, it is all euro buyers..."


[/ QUOTE ]

Problem is - what will happen when the pound strengthens against the euro, which it will and the euro buyers dissapear /forums/images/graemlins/frown.gif
 
I have just purchased 4 yes four brand new Yanmar LYA2 420's out of Sunseeker due to cancelled orders. Still in their steel crates, with gearboxes, instruments everything' less than 20K for the lot. AND a middle man had his cut as well.

Certainly confirms all of the above.
 
New Sunseeker Sales Office!

Well,

Here in Gibraltar there is a Brand New Sunseeker sales office in the new Ocean Village marina (Used to be Marina Bay). It was an empty shell on Saturday but had 4 desks, two lots of totty and two miserable looking blokes in there today. Only reason I knew what it was...A Huge SUNSEEKER sign on the back wall! Maybe getting ready for Gibraltar boat show? Even Flat prices (for sale are starting to wobble here...but not to rent /forums/images/graemlins/frown.gif)

Cheers

Paul /forums/images/graemlins/smile.gif
 
Re: New Sunseeker Sales Office!

Is there some confusion here????
SSSG has been bought out by SS international and Marina Estrella. To My knowlage thats the changes. staff have been offered positions within Marina Estrella who usualy take at least buy 40% of total production and are the largest sales operation within Sunseeker. This was hinted as SIBS and made official pre LIBS.
 
Re: New Sunseeker Sales Office!

sunseeker is so confusing. I'd prefer to know who I'm dealing with! So, SSSG (the dealer taking 40% of production) is now a joint venture owned by SSI (the builder, Braithwaite/RBOS owned company) and Marina Marbella, right?

Who owned SSSG previously?

Confusing, all this...
 
Re: New Sunseeker Sales Office!

I agree 100%.

Smoke and mirrors again!

Just when I thought i understood the relationships between them all (at Easter 08 following a trip to poole with a buyer) its again all change.

The guy i spoke to at LIBS said SS Spain is now a reg spainish co who will get the boats from marina marbella who remain as distributers and SS London have control over SS spain.

I think thats right but my bloke was unsure himself as the deal was still being done........
 
Re: New Sunseeker Sales Office!

Sunseeker as always are flat out with production....Manhattan 70s, Predator 52s to name but a few all sold out until 2010. Sunseeker have always adjusted their production to suit the market at the time, as they build to order they have this luxury as dealers do not hold stock.
 
Sunseeker International are the manufacturing Company and sell their products though dedicated distributors.

Sunseeker (Sales Group) has been sold, part to Sunseeker (London) and part to Sunseeker (Estrella)

Sunseeker (London) are now the UK Distributors with a maintenance team in Mallorca. (there a great many existing owners who use them for maintenance and cleaning)

Sunseeker (Estrella) are the distributors for all Spain and also have their own maintenance team in Mallorca and mainland Spain.

There has been some reduction in staff within the old Sunseeker (Sales Group) organisation because they were overmaned when the new owners looked at them.

Having been to the factory in the last week I can assure you all that the factories at Sunseeker International are full to the brim and all the production workers are working flat out.

If you doubt what I am saying I suggest you contact your local distributor and ask for the next build slot date of any model you wish. You will get a big surprise as there are more people with money looking for early build slots than you might imagine.
 
[ QUOTE ]
there are more people with money looking for early build slots than you might imagine.

[/ QUOTE ]Quite possible.
In fact, just one of them would already be above my imagination.
 
Thanks but I'm still confused. Who owns SS (London) and who owns SS (Estrella)? And is SSSG still operating (part owned by each of SSL and SSE) or what?

If a punter in London wants a boat he could buy it from either SSL or SSSG, I think(?). If SSSG is part owned by SSL and SSE, SSL would want that sale handled by SSL not SSSG, in order for SSL to get 100% not 50% (or whatever...) of the sale. So how does that work? Its very odd for a joint venture partner to compete with the joint venture itself, and generally that's unacceptable to the other JV partner, for obvious reasons

I like to know who I'm dealing with! I'm buying from EBY which is 25% owned by each of the Barke brothers and ultimately its a FL product which is 40-something % 3i plc funds and 50-something% owned by the 6 chaps on its management team. All crystal clear!
 
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