What's going on at Discovery yachts?

[Concerto]

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.


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I bought a Rolex in 1970, whilst still at school, for £68. I wore it for a number of decades and had several services, but eventually bought a more accurate quartz watch. It then remained in a drawer with the original box and invoice until I decided to put it to auction 6 months ago. After deduction of commission I received just over £1200. Mike it may be worth selling it.

 

[dom]

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.

Just a thought, investing £1K at 11% (the then prevailing 30Yr UK Gilt yield) would have grown to something more like £35k today. Even growing at 6% (G-7 average nominal GDP growth) would have lifted it to around £7k.

Are you sure your Rolex is only worth £3K now?

 

[pvb]

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.

Stench is a good word. Some of Discovery Yachts' publicity certainly seems to stink. In November (just before they chose to go bust) they published an "owner special" feature on their website. It was an article by Nick Gill, giving a glowing report on his Southerly 435. It just omitted to mention that Nick Gill was a director of Discovery Yachts at the time!

https://discoveryyachtsgroup.com/owner-special-nick-gil/

 

[JumbleDuck]

Stench is a good word. Some of Discovery Yachts' publicity certainly seems to stink. In November (just before they chose to go bust) they published an "owner special" feature on their website. It was an article by Nick Gill, giving a glowing report on his Southerly 435. It just omitted to mention that Nick Gill was a director of Discovery Yachts at the time!

Sounds as if they employ the GT Yachts marketing department.

 

[pvb]

Sounds as if they employ the GT Yachts marketing department.

 

[westhinder]

Stench is a good word. Some of Discovery Yachts' publicity certainly seems to stink. In November (just before they chose to go bust) they published an "owner special" feature on their website. It was an article by Nick Gill, giving a glowing report on his Southerly 435. It just omitted to mention that Nick Gill was a director of Discovery Yachts at the time!

Owner Special - Nick Gil

Wasn't he on here too, writing about his newbuild?

 

[Frogmogman]

Sounds as if they employ the GT Yachts marketing department.

If you google GT yachts, their website is still up there, as though they are a going concern from whom you can order a new boat. The internet's equivalent of space junk I guess.

 

[dom]

Wasn't he on here too, writing about his newbuild?

You mean Barbican? Coy about why he was changing between such similar Southerlies, I seem to recall. And posts like #140 certainly suggested an insider:
Any interest in a new build thread?

If so, he certainly obtained a decent amount of free publicity at a tricky time for the builder.

 

[westhinder]

You mean Barbican? Coy about why he was changing between such similar Southerlies, I seem to recall. And posts like #140 certainly suggested an insider:
Any interest in a new build thread?

If so, he certainly obtained a decent amount of free publicity at a tricky time for the builder.

Post #180 of that same thread:

Now here’s a surprising development
When I started this thread and www.southerly480.com I did so as an independent yotty/customer sharing our experience in the hope some would find it interesting or helpful and being retired I had the time. Recently I was asked to Join Discovery Yachts Group board as an NED, with a brief to represent “the clients view”. I’ve accepted. So I intend to continue warts and all with the thread, but thought it important to mention the change.

 

[pvb]

deleted

 

[pvb]

You mean Barbican? Coy about why he was changing between such similar Southerlies, I seem to recall. And posts like #140 certainly suggested an insider:
Any interest in a new build thread?

If so, he certainly obtained a decent amount of free publicity at a tricky time for the builder.

Post #180 of that same thread:

Now here’s a surprising development
When I started this thread and www.southerly480.com I did so as an independent yotty/customer sharing our experience in the hope some would find it interesting or helpful and being retired I had the time. Recently I was asked to Join Discovery Yachts Group board as an NED, with a brief to represent “the clients view”. I’ve accepted. So I intend to continue warts and all with the thread, but thought it important to mention the change.

Different guy. "Barbican" is Adrian Chen, who was appointed a director of Discovery Yachts Group in August 2019.

 

[E39mad]

Different guy and different size boats as Barbican bought a 480 and not the 435 on the website linked.

 

[westhinder]

Different guy. "Barbican" is Adrian Chen, who was appointed a director of Discovery Yachts Group in August 2019.

Thank you for the clarification

 

[guardian]

But its still all advertorials at the end of the day. I can't see it doing their brand much good in the long run to have 'boat owners' who work for the company singing the praises about their own products...

 

[doug748]

Barbican's thread was interesting so I am quite happy, myself. He also posted in the past so had some sort of a track record on the forum.

Perhaps he should have declared his interest but, as we know, this brings other problems in it's train.

 

[golfygolfy]

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!!

Paddy - that's pretty much how it feels to me being one of the 400. However I would think that some of the 400 were also owners, had placed orders and got discounts or potential future owners, like me. It does not take a Business MBA to work out how that's going to play out and which brand I will not invest in.
I am a newbie and joined forum having seen this thread. I am a novice sailor currently learning, with intention of starting cruising upon retirement in 3-4 years time.

 

[pvb]

Paddy - that's pretty much how it feels to me being one of the 400. However I would think that some of the 400 were also owners, had placed orders and got discounts or potential future owners, like me. It does not take a Business MBA to work out how that's going to play out and which brand I will not invest in.
I am a newbie and joined forum having seen this thread. I am a novice sailor currently learning, with intention of starting cruising upon retirement in 3-4 years time.

Welcome to the forums!

Sorry to hear you've been conned, I hope you hadn't "invested" too much money in Mr Langdon's venture. I've seen some suggestions that the Crowdcube offering didn't accurately represent Discovery Yachts, and that there could be scope for a class action to try to get money back. Any thoughts?

 

[Paddy Fields]

Paddy - that's pretty much how it feels to me being one of the 400. However I would think that some of the 400 were also owners, had placed orders and got discounts or potential future owners, like me. It does not take a Business MBA to work out how that's going to play out and which brand I will not invest in.
I am a newbie and joined forum having seen this thread. I am a novice sailor currently learning, with intention of starting cruising upon retirement in 3-4 years time.

Welcome to the forum. Hopefully your experience with discovery has not put you off sailing!

I’m guessing people who had orders and made prepayments had those orders and prepayments honoured by the newCo. I think that is the main thing.

I imagine a lot of discovery owners are business savvy (probably business owners themselves), and take all the shenanigans in their stride.

 

[Stemar]

a class action to try to get money back. Any thoughts?

First thought: Where from?

 

[pvb]

First thought: Where from?

It would have to be against Sean Langdon, I guess, as he fronted the crowdfunding exercise, and he must have a few million knocking around after selling his shares. If you watch the video in the Crowdcube offering, it's all rosy in the Discovery Yachts world - no mention of the looming legal battle, which they were aware of at the time.