Who builds / sells Trader's

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mont

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Who builds / sells Trader\'s

Have followed this thread with interest but to assist me / perhaps others can someone clarify :-
1. Who actually initially builds the boat brand 'Trader'.
2. Who imports / markets them in the UK.
3. What is the status of 'Emsworth' and 'Tony'
4. What is the status of 'Penarth Trader'.
5. Are any of the above also inter-connected.

Thanks.
 
Re: Who builds / sells Trader\'s

1. Who actually initially builds the boat brand 'Trader'.
They are built by a private boat yard in Taiwan that Tarquin Boat company pays to build boats for them - the same yard supplies boats any customer who pays.

2. Who imports / markets them in the UK.
Tarquin Boat Company

3. What is the status of 'Emsworth' and 'Tony'
Emsworth is Tarquin Boat company and Emsworth Shipyard - both companies are owned by Tony Chappell and family.

4. What is the status of 'Penarth Trader'.
Penarth Trader is a Trader dealer that has an arrangement with Tarquin to buy Trader boats and sell them to the public.

5. Are any of the above also inter-connected.
Yes - Tarquin and Emsworth boat yard have Tony Chappell as MD.
Penarth (Trader Yachts Wales) is a totally separate independent business.
 
Re: Who builds / sells Trader\'s

TARQUIN BOAT COMPANY LIMITED

I think everyone who has read Gludy’s tales of woe, and any prospective purchasers of Trader boats from Tarquin Boat Company Limited (the vendor of the Trader 64 he purchased), is entitled to know some more of the detailed facts about Tarquin. The following information is taken from Companies House records so in the public domain. I have added some commentary of my own (as the director of a finance and leasing company). I’m not an accountant but it doesn’t need an accountant to draw straightforward conclusions on the basis of the information published.

1. The accounts for the year to 31.3.05 were dated 25.7.06 and filed 22.8.06. Usual requirement is that accounts must be filed within 10 months of year end, so these accounts appear to have been filed ~7 months late, although it is possible that an extension was granted.

2. The accounts filed are “abbreviated accounts”, so omit much of the information otherwise required by the Companies Act. The exemption from submitting full accounts is usually granted to “small companies” (based on a combination of assets, turnover and number of employees). The audit report confirms that Tarquin is entitled to submit abbreviated accounts although the basis of the exemption is not stated. Anyway, the result is that there is no profit and loss account so there is no way of knowing what Tarquin’s turnover was or any measure of profitability, other than the movement in profit and loss reserves, which amounted to a deficit of a few hundred pounds..

3. The accounts are audited by “Jones Avens”, apparently a firm of chartered accountants and registered auditors based in Chichester. As is customary, the audit report does not state the auditors’ view that the accounts fairly reflect the true state of the company’s finances, merely their view that the company is entitled to submit abbreviated accounts.

4. The balance sheet shows net assets at 31.3.05 of £259k comprising £20k issued capital and £239k retained profit. Current liabilities (all creditors) were ~£3M, offset by current assets of ~£1.8M of which stock £708k, debtors £729k and cash/bank balance £341k. This resulted in net current liabilities of ~£1.3M. Fixed assets amounted to ~£1.6M of which £408k is “intangible assets” (added during the current year) and £1,064k is “investments”. It appears that the intangible assets comprises development costs of new models in the Trader range. It also appears that the “investment” represents the value of the Tarquin Yacht Harbour, which appears to be operated by a related company, Emsworth Marina Company Limited. I’m guessing that Tarquin owns the marina and has leased it to Emsworth Marina Company. Tarquin’s accounts state that there are secured loans of ~£1.1M, which corresponds with the value of the investment.

5. Assuming the value of the “investment” is a fair value, it is entirely offset by the secured debt by which it is financed. Other fixed assets are either negligible or intangible so the most significant feature of the balance sheet is the deficit of £1.3M on current assets/current liabilities, which represents 5 x the company’s overall net assets. I have to say, if I was considering buying a boat from Tarquin, that I would want to see any advance payments deposited in a secure escrow account or some similar secure arrangement.

I should add that the only registered shareholders (equal shareholdings) of Tarquin are Anthony Chappell and Carol Chappell, and that Anthony Chappell is the sole director (and Carol Chappell the company secretary).
 
Re: Who builds / sells Trader\'s

Thank you for that reflection on the latest accounts.

Last year Tarquin was attempting to collect £20k deposits on its new Trader 42 model that has not seen the light of day as yet. I hope if it was succesful these were placed is a secure client account.

I realise that the business is worth next to nothing although after buying ocean deep I was asked if I was interested in buying the business!!! I am told that others are also asked that question.

I am determined to continue with my actions and legal action to ensure I get all I am entitled to. Frankly if they go bust along the way so be it. I doubt this will happen and I doubt my actions will cause it. However, if it happens then I will simply shrug my shoulders and not worry - it would have just been another form of justice.

I am so dissapointed that I have not had any written follow up on the list of points or had Tony Chappell respond to me emails. Whilst this forum may only be read by a few hundred people, word does spread and I know of one lost sale of a 535 that the buyer stopped proceeding with as a direct result of hearing of my plight. I estimate it has so far cost them 3 boats the total of which exceeds the value of Ocean Deep.

I am actually not trying to harm them - just relating my experience so that others may not proceed into harm and trying to get them to answer my list of fauls.

In the end all I am after is a functional working boat that reflects its new status - that still seems far away tonight.
 
Re: Who builds / sells Trader\'s

"I’m guessing that Tarquin owns the marina and has leased it to Emsworth Marina Company"

I gather ownership of the marina is not that simple and that third parties are involved.
 
Re: Who builds / sells Trader\'s

Very interesting, Observer. I'm not an accountant so please excuse the stupid questions but from what you state, the marina has been mortgaged to fund the activities of the boat sales co, Tarquin? Furthermore, if the 'intangible assets' of £408k relating to development costs were revalued to zero as some accountants may think prudent, Tarquin would be technically insolvent? Of course, the value of the marina may be understated as well which is understandable as a revaluation might create a one off taxable profit?
 
Re: Who builds / sells Trader\'s

I was clearly told by Toby Chappell, the sone of Tony that he wants to develop the new models to increase the value of the company and sell the company.

From that account analysis it seems that the only thing the company really has as a significant asset is the development costs of the new Trader 64. This cost has to be written off across a number of sales I would think but it is an intangabale asset and, as you say, many would take the view that it should be valued at zero whicj would throw a totally new light on the business.

Howver no matter which way you look at it - if you were to spend £1.6m or so on a Trader 64 thenwhat you are huying would be worth many more times than the company that is selling it to you.
 
Re: Who builds / sells Trader\'s

Companies House shows 34 registered charges against Tarquin of which 26 are satisfied. That leaves 8 which probably secure finance on stock of used boats and the marina. If Drumbeat's official number is 907368, it shows as mortgaged to Capital Bank plc, mortgage dated 12/1/06.
 
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