At Boatbreakers we often get asked the question, ‘What made you start boat breaking?’. The best person to talk through the reasons is our Director Steve Frankland. Boatbreakers was his brainchild so we sat down and discussed what led to him to enter the world of boat breaking.
Steve explained, “I have been a surveyor for some considerable years now. In fact the business of Boatbreakers came about whilst I was a marine surveyor.”
“I would advertise my services, a client would commission me to survey a boat he/she was considering and I would compile my findings into a document for his consideration. From that point he would either buy or reject the yacht or motorboat.”
The Boat Sales Process
“In some cases all would be fine with the boat. Other times it needed remedial work to be completed by the seller or these issues could be a negotiation point from the buyer. Either way the vessel then actually got a true valuation, as a boat is only worth what somebody is willing to pay for it.”
“The issue begins to be more serious when for example, the boat initially is valued at £20,000. A surveyor comes along and finds it needs a new mast and engine. These items could amount to let’s say £15,000. So is the boat now worth £5,000 due to the faults found? Then you have to add an ‘annoyance’ factor, I.e other things will be found need fixing as well as well as the boat not being available for use whilst it’s being repaired.”
“So an offer goes in at £5,000 for example. The seller rejects this offer and the buyer walks away as after all he has asked for a professionals surveyors opinion and took his advice.”
“The seller still owns the boat… Two months pass and another excited buyer comes along with a different surveyor. They find the same faults and make a similar low offer.”
“Now what happens? The seller has had the time to get over the first surveyors damming report, was expecting the same results the second time around and in general accepts the low offer.”
Technically Worthless
“But what happens when the repair costs outweigh the value of the boat? It’s technically worthless and this is how the Boatbreakers idea began.”
“After researching how to get rid of an old boat I realised that there wasn’t one. So I thought, why not make one?”
Boatbreakers Was Born
This thought process then led to the formation of our scrapping network. We give boat owners in this position a way out of their problem boat. It’s not only the boat’s value that is the issue. Because as the value falls the owner would still be paying the same mooring fees. If anything they’re more likely to increase, which means the financial implications of holding onto an old boat can be extremely costly.
Boat owners can find themselves stuck in a situation where they have a technically worthless boat that is costing them thousands in storage fees. And with no chance of selling the boat we offer them a way out.
