If you’re thinking about acquiring or selling a marine business, it’s important to get professional advice from the outset.
As one of just a handful of advisers in the UK with specific marine sector expertise, that’s easy for us to say, right?
But, having seen just how complex some marina sales can prove to be, we mean well when we say that getting the right advice early on could save you time and money in the long run.
The fact is, that there are just a lot more considerations to take into account when you’re thinking about buying or selling a marine business.
For instance, the due diligence process is much more complex, with potential issues including dredging licences and riparian rights – the system of allocating water amongst those who possess land along its path.
The relationship with the harbour or navigational authority also needs to be fully understood, including exactly what rights of access or mooring the marina has, and what harbour dues are payable.
Of course, a key consideration with any trading business is its future potential, and having the in-depth knowledge of a market expert can help to ensure that your business is best placed to reap any future rewards.
In short, it’s quite a niche area, so having marine experts with specialist knowledge on board (sorry!) can help with everything from ensuring that the valuation of the marine business is right, to making sure that a deal happens at all.
Indeed, marinas are rarely offered for sale, with just a handful of sales nationwide over the last 5 years. So when one does come up, you need the best advice to give yourself the best chance of success.
Knowledge of the market can also prove vital, especially when marketing a marine business to interested parties.
That’s exactly what we did recently, when we acted for property investment company, Fuller Group, on the sale of Deacons Boatyard Ltd to south coast marina operators, Dean & Reddyhoff for an undisclosed amount.
The sale of the 135-berth marina and boatyard was negotiated in an off-market agreement after we introduced the two parties. Having previously acted for Dean & Reddyhoff, we knew that the company was looking to grow by acquisition.
We also guided the complex due diligence process through to successful completion and the two companies now continue to work closely together.
So if you own a marine property and are thinking about selling, or you would like to invest in a property, get in touch for an informal, no obligation conversation about your aims, and we’ll tell you how we can meet them.
