"The Boat" ... from the people that run "The Hut"

[SC35]

https://onthewight.com/the-boat-isle-of-wight-the-solents-first-floating-restaurant-is-coming/

MDL Berth holders have been given the opportunity in invest, minimum £9k input for the next Tranche of funding.

There's a lot more detail in the blub they send out, but in summary:
- You get shares in the business
- Not FSCS protected
- MV Conway Castle is being refurbed, and will move around between Osborne Bay and Cowes, May to October
- Nick Cooke-Priest is on the board, former Aircraft Carrier Captain that resigned after his wife used the official car for the shopping run
- You could get 15% dividends, free transfers, reserved tables as a "member" etc etc

Of course it could all go horribly wrong:
- Insurance arrangements aren't clear
- Whether the investment is transferrable isn't clear
- Boat is about halfway through the build, it could fail to be completed, and then you'll have some small share of a half-built boat worth "not very much"

But more to the point, would people actually use it?

 

[tico]

Didn't the 'Conway Castle' used to run trips on the Severn and was moored at Upton for years?

 

[SC35]

Didn't the 'Conway Castle' used to run trips on the Severn and was moored at Upton for years?

Possibly.

Early Pictures of the Refurb:
‘Conway Castle’ (Current project underway in the Arctic Dry Dock – Wooden & Steel Ship Repairs Ltd

 

[tico]

yup... I was right

Conway Castle - Severn Leisure Cruises

 

[sharpness]

Didn't the 'Conway Castle' used to run trips on the Severn and was moored at Upton for years?

Yes, Conway Castle was on the Severn for years running short day trips up the Severn from Upton. She left the Severn last year.
It used to go into Gloucester Drydock for its required maintenance, amazing how they got it down the "partings" considering how overgrown and shallow this section of the river is. Pic below shows it getting into a spot of bother while entering Gloucester lock. No judgement from me, as it's tricky enough to enter Gloucester lock in a normal sized boat, let alone a vessel the size of the Conway.
It's great to read it will be getting a new lease of life, hope it all works out well

 

[ari]

I got this email fro MDL. Quite surprised that a marina group are sending out investment opportunities!

 

[ari]

Another email from MDL for investors for The Boat, offering a Zoom call to potential investors.

I'm intrigued by MDL's involvement, are they part owners of this scheme?

Also intrigued by 'Dividends ~ 10% per annum', seems a pretty good return?

 

[alandalus11]

???

 

[Seastoke]

If it was guaranteed , we would all be on it, or Mdl would borrow at 5% and make 5%.

 

[Martxer]

Another email from MDL for investors for The Boat, offering a Zoom call to potential investors.

I'm intrigued by MDL's involvement, are they part owners of this scheme?

Also intrigued by 'Dividends ~ 10% per annum', seems a pretty good return?

seems an optimistic return on a restaurant that will likely be closed for 5 months of the year

 

[SC35]

10% - 15% dividend if it works out.
A share in a partially converted steel boat built in 1963 if it doesn't.

I'm seeing this as a high-risk investment for brave people.

 

[Bigplumbs]

That is a Pie in the Sky enterprise that will fall flat in is face...... I am out

 

[Seastoke]

We could invest in my mates Fletcher museum .

 

[Fire99]

I'm not saying this is the case but I'm always a little sceptical when an 'opportunity' is thrown out to the likes of berth holders to invest. These situations often sniff off an investment deficit and a searching for avenues to raise some finance. If the venture is a brilliant opportunity from the outset I think sufficient investors will already be 'stumping up the cash'.

 

[Seastoke]

They will want to pay dividends in Otium points.

 

[jfm]

You guys have no idea how to invest. You can't make the comments you make until you know the price of the investment, which none of you do.

An investment in a great company is a bad investment if you pay too much; an investment in a bad company is a great investment if you pay the correct (low) price.

 

[ashtead]

Is it not just another Medway queen or suchlike venture? That said there is a floating venue in the Exe which seems to be still afloat. I think a floating bar between east and west cowes attached by chains might succeed though any going cheap

 

[Parabolica]

You guys have no idea how to invest. You can't make the comments you make until you know the price of the investment, which none of you do.

An investment in a great company is a bad investment if you pay too much; an investment in a bad company is a great investment if you pay the correct (low) price.

Exactly this. You make your money when you buy, but only if you buy right.

I think the time to buy on this one, is from the administrators after it has failed, and then only maybe.

 

[SC35]

Exactly this. You make your money when you buy, but only if you buy right.

I think the time to buy on this one, is from the administrators after it has failed, and then only maybe.

We know the price, what we don’t know is the value.
The blurb doesn’t have any figures about detailed estimated revenues, costs, profits.
It also doesn‘t make it clear how our investment would relate to the investment of the initial seed investors.

 

[jfm]

We know the price, what we don’t know is the value.
The blurb doesn’t have any figures about detailed estimated revenues, costs, profits.
It also doesn‘t make it clear how our investment would relate to the investment of the initial seed investors.

Ah, so what is the price?