What's going on at Discovery yachts?

[pvb]

I did wonder then (still do now) how these folk can sleep happily at night knowing that their shenanigans have caused so many people to lose life savings.

They obviously have no scruples!

Re the crowd funding, could the investors claim that they had been asked to invest on false pretenses (or something like that), re not being told about the legal action hanging over the company?

That's what I suggested in post 117.

 

[doris]

Richard Hewett announces his retirement
Thursday, 19 December 2019 17:26
We are sad to announce that Richard Hewett will be retiring as director of Clipper Marine this Christmas, after more than 30 years at the helm of various successful businesses within the industry.
Richard’s career started over thirty years ago Peters PLC, Northshore and then Peters Opal. Upon their closure, he then started Clipper Marine along with Matthew Attree. Richard is one of the key people who has driven the Bavaria brand from a small unknown German manufacturer to the major force that it is today within the British market.
Over the years Richard has represented many different brands in the UK & Spain including Azimut, Bavaria, Benetti, Bryant, Greenline, Island Packet and Legend Yachts.
Richard could always be relied upon for the benefit of his huge knowledge and kindness. If anyone needed help, Richard would be there to support them, whether that be for boating or personal reasons.
It’s a sad loss for the team and he will be missed by customers & colleagues alike. We wish Richard and his family all our very best for his retirement. We hope he knows that he will be missed.
If you would like to send some words to Richard, please drop an email to sales@clippermarine.co.uk and we will make sure he gets your messages.

 

[Bajansailor]

I am sure that Dickie 'No scruples' Hewett will have long forgotten about all the people who were financially affected when Opal went bust (sorry, 'were closed' according to the press release above).

 

[Resolution]

I imagine the 400 investors who piled so much money into the company have effectively lost their money. It will be interesting to see whether they could mount a class action to claim damages, on the basis that the crowdfunding failed to even mention the legal action by the disgruntled owner (and remember that the legal action was started in April 2018, almost a year before the crowdfunding).

Has anyone access to the prospectus which presumably accompanied the crowdfunding? That would be the legal basis for the invitation to subscribe for shares.

 

[Resolution]

From the Crowdcube website I see that potential investors were invited to email Discovery and ask for the following:
""Restricted Documents

• Discovery Yachts Investor Deck.pdf
• Discovery Yachts Group Financials.pdf

Please note that Crowdcube does not approve or review Restricted Documents. Access can only be granted by the company upon request.""

Anyone got copies of either?

 

[pvb]

Has anyone access to the prospectus which presumably accompanied the crowdfunding? That would be the legal basis for the invitation to subscribe for shares.

The Crowdcube listing included a video which might form a basis for legal argument.

 

[Blue Sunray]

Richard Hewett announces his retirement
Thursday, 19 December 2019 17:26
We are sad to announce that Richard Hewett will be retiring as director of Clipper Marine this Christmas, after more than 30 years at the helm of various successful businesses within the industry.
Richard’s career started over thirty years ago Peters PLC, Northshore and then Peters Opal. Upon their closure, he then started Clipper Marine along with Matthew Attree. Richard is one of the key people who has driven the Bavaria brand from a small unknown German manufacturer to the major force that it is today within the British market.
Over the years Richard has represented many different brands in the UK & Spain including Azimut, Bavaria, Benetti, Bryant, Greenline, Island Packet and Legend Yachts.
Richard could always be relied upon for the benefit of his huge knowledge and kindness. If anyone needed help, Richard would be there to support them, whether that be for boating or personal reasons.
It’s a sad loss for the team and he will be missed by customers & colleagues alike. We wish Richard and his family all our very best for his retirement. We hope he knows that he will be missed.
If you would like to send some words to Richard, please drop an email to sales@clippermarine.co.uk and we will make sure he gets your messages.

The chap is commonly referred to as a rather colourless automobile, in British English a wan car.

As above:

If you would like to send some words to Richard, please drop an email to sales@clippermarine.co.uk and we will make sure he gets your messages.

 

[E39mad]

Received today





​

It’s with great pleasure we announce that the Revelation 480, the first yacht in her class to be built, has been completed at the shipyard in Marchwood. She is now undergoing final preparations and being shipped to her première at the world’s largest indoor yacht exhibition, Boot Düsseldorf 2020.

Looks like a Southerly 480 presumably with a fixed keel

 

[pvb]

The chap is commonly referred to as a rather colourless automobile, in British English a wan car.

I must say that the press release's description of his astonishing helpfulness came as a surprise to me, based on my dealings with him.

 

[Stemar]

My friend, who had the misfortune to buy a boat from Peters Opal would be surprised as well. He isn't the most demonstrative of people, but he gets quite vocal when the subject comes up.

 

[UK-WOOZY]

my 1988 boat has lifting keel and box, there is a metal plate at the top sika'd onto the top of the lift keel box, the plate also has the pullies for the lift rope to the winch on the side of the box. a much smaller scale than a hydraulic lift keel granted but seems to work fine. the only time i get water from inside the keel box is on the rope

 

[pvb]

It seems that the 400 investors who paid £2.2 million for Discovery Yachts shares in the crowdfunding have lost all their money!

Discovery Yachts Group sold in pre pack as Crowdcube investors lose the lot

 

[guardian]

It seems that the 400 investors who paid £2.2 million for Discovery Yachts shares in the crowdfunding have lost all their money!

Discovery Yachts Group sold in pre pack as Crowdcube investors lose the lot

Thing is seeing how poorly managed and run these businesses surely potential customers (before dropping a couple of million) will do their research before buying a boat and walk, i can't see how companies like this an Oyster can really shake off the stench, time will tell i guess.

 

[Kurrawong_Kid]

Thing is seeing how poorly managed and run these businesses surely potential customers (before dropping a couple of million) will do their research before buying a boat and walk, i can't see how companies like this an Oyster can really shake off the stench, time will tell i guess.

Beneteau(osmosis and keel), Moody(rudder), Bavaria(keel) shook problems off- stench didn’t stick. But as you say only time will tell! Big difference between Oyster and Discovery is that Oyster went “properly bust” and were bought out by a new owner, whilst Discovery appear to have done a “pre-pack and reincarnated with the same management.

 

[Paddy Fields]

It seems that the 400 investors who paid £2.2 million for Discovery Yachts shares in the crowdfunding have lost all their money!

Discovery Yachts Group sold in pre pack as Crowdcube investors lose the lot

Kill two birds with one stone: Get rid of the pesky law case, and the pesky crowd funded share holders. We're up £3.6M! Kerching!!

 

[AntarcticPilot]

For the same reason you buy a Rolex instead of a perfectly serviceable Casio at around 0.2% of the price ... to show you can.

Hardly a fair comparison. the Casio has considerably more functionality than the Rolex, is more reliable and much more accurate.

Rolex is a perfect example of a company that made its reputation many years ago and is STILL trading on it. Rolex makes watches that were state-of-the-art back in the 50s and 60s, but which are now internally much the same as any other watch. They put average quality movements in expensive cases, and call them chronometer grade (these days a meaningless distinction) because fashion-conscious punters don't realize that "chronometer grade" is easily attained by the cheapest quartz movement out there; Rolex have taken the (minor) trouble to have their watches certified, but it's something any of the mass market watchmakers could do.

 

[doug748]

Rolex is a perfect example of a company that made its reputation many years ago and is STILL trading on it. Rolex makes watches that were state-of-the-art back in the 50s and 60s, but which are now internally much the same as any other watch. They put average quality movements in expensive cases, and call them chronometer grade (these days a meaningless distinction) because fashion-conscious punters don't realize that "chronometer grade" is easily attained by the cheapest quartz movement out there; Rolex have taken the (minor) trouble to have their watches certified, but it's something any of the mass market watchmakers could do.

I have told this tale before, so bear with me.

I bought a new Rolex in c 1985, it was about £800 a service was expensive £300. So £1100.
As I kept all the boxes, all the hand written letters, cards and packaging (child of the 1950's, it's what you did) it is probably worth 3k + today.

Thus I have been paid roughly a quid a week for 35 years for the wearing of it. I use it every day. Of course this neglects inflation but compared to boat ownership, it has been one of my more inspired ideas.


.

 

[AntarcticPilot]

I have told this tale before, so bear with me.

I bought a new Rolex in c 1985, it was about £800 a service was expensive £300. So £1100.
As I kept all the boxes, all the hand written letters, cards and packaging (child of the 1950's, it's what you did) it is probably worth 3k + today.

Thus I have been paid roughly a quid a week for 35 years for the wearing of it. I use it every day. Of course this neglects inflation but compared to boat ownership, it has been one of my more inspired ideas.


.

I'm sure that is true. However, the increased value of your Rolex has nothing whatsoever to do with its technical excellence or quality - it is entirely because of Rolex's extremely effective marketing of what is (according to horology buffs) a mediocre movement in an expensive case.

 

[doug748]

Yes, you said that.

 

[dom]

I'm sure that is true. However, the increased value of your Rolex has nothing whatsoever to do with its technical excellence or quality - it is entirely because of Rolex's extremely effective marketing of what is (according to horology buffs) a mediocre movement in an expensive case.

It no doubt plays I role, but can one truly characterise Rolex's success as primarily a function of marketing?

Van Gogh never advertised and is said to have sold only one painting to a friend during his lifetime. Did Faberge widely advertise his eggs,? Did the makers of Ming dynasty vases ever claim that theirs were better at holding water than others?

Yet it would be nice to own any of these things today!!