Northamptonshire Police Sailing Section
September, 2010
 

Invitation to Consider a Yacht Syndicate.

It may be that you share my passion for sailing and the sea. After returning from a recent cruise on the Solent aboard Phil Osborne's 'Hayley Louise', a Bavaria 36, I have recently spent the days dreaming of ways to get afloat once again.

Most people have endured hard financial times over recent years, but as time goes on I can see a light at the end of the tunnel and as a result, I am starting to explore ways of making dreams become reality.

I have spoken to many people about owning a yacht and indeed have owned one myself. I learned a few valuable lessons before she eventually sank during a storm. The main lesson being that yacht ownership is relatively costly - and you definitely only get what you pay for. My boat was very old and somewhat battered. Each time I travelled the 80 miles to sail her, there would be something missing or broken that needed replacing. This normally ended up with my spending and not sailing. I suppose my point here is that I do not want this situation again and therefore I have come to realise that if I want to sail safely and cost effectively I need to buy a newer boat. This inevitably costs more; hence this invitation.

Please note that this is an ‘invitation to consider’ and is a first step.

Whilst in the marina at Yarmouth, Isle of Wight, I spoke with a syndicate quarter-share owner of a Bennetau 21.7S. I was lucky enough to be shown around this little yacht during which time I had ample opportunity to discuss the finer points of yacht syndicates. Three points he made stuck in my head:-

1. The ability to buy a safe, modern yacht at a fraction of the retail value.
2. Guilt free non-sailing days
3. Shared running and maintenance costs, making marina berthing affordable

 

My intention is quite simple.

Form a syndicate of 4 persons each with a quarter share in a yacht with a capital value of between £15k - £18k, to be berthed on a pontoon for access at all states of tide in or around the Solent.
 

This forms the basis of this invitation but I would like to reiterate a point made in the 'Yours to Share' article:-

You should consider these five questions, and with the possible exception of the last, if you get a "No" to any of them discard that person as a potential partner.

• Do you all want to use the boat for similar sailing? It spells disaster if one wants to race and the others cruise gently - they would want different gear and probably different boats.

• Are you all prepared to spend about the same on buying and maintaining the dream ship? It is important that you are equal partners.

• Do you all have about the same "fussiness factor" - our continuing battle is what each of us regards as clean. The very pernickety clash with the very casual.

• Are you all prepared to compromise? Like giving way and spending money on something that is important to one partner but not to you. Remember a bill for £150 is really only £50 in a syndicate of three.

• Are your experience levels roughly the same? It could be very worrying for an experienced yachtsman to witness his beginner partner take out the boat.
  (NB: The attitude of the spouse to these questions has some bearing as well).

In other words, if you don’t fancy sailing around the Solent or want annual berthing costs then this is not for you.
I have fallen in love with the South Coast mainly due to the opportunities it gives to experience many sailing conditions, not to mention the beautiful scenery and temptations to just turn south and head for the sunshine!

As previously stated this is just an invitation to consider. The next stage is a meeting with interested parties to discuss the finer points including types of vessel and potential marina sites. I have included a typical syndicate agreement with the letter already sent to some interested persons. Please email me your thoughts as I am keen to progress at the end of the 2011 season. I anticipate that this process will take a year from this date to any potential purchase but urge you to return an ‘interested’ vote as soon as possible.

I, for one, do not wish to place my family in debt to obtain a yacht, therefore I anticipate it will take me 18 months to save my share. This will be a lengthy process but an enjoyable one, visiting marinas and looking over different yachts. I also intend to obtain my RYA Day Skippers qualification in Spring 2011. Phil Osborne has invited interested parties to charter his Bavaria 36 with a qualified instructor to obtain this and you are welcome to join me. Again, - let me know.

Finally, to avoid disappointment the syndicate will be expected to transfer agreed ‘part payments’ at key stages over the next 18 months. This is an idea ‘stolen’ from the chap I met in Yarmouth. He and his syndicate were worried that when it came to handing over a quarter share there was a possibility that one or more members would withdraw.

Thanks for taking the time to read this item and I hope you become one of the lucky four!

Ben Fathers