Discovery Yachts to appoint insolvency experts?

Discovery Yachts MD Sean Langdon. The company  is understood to be in negotiations with an investor Discovery Yachts MD Sean Langdon. The company is understood to be in negotiations with an investor
Industry Database

Discovery Yachts has filed notice of its intention to appoint insolvency experts and could enter administration.

The news comes less than two years after the company raised around £2.2m through crowd funding and just months after the company officially opened its new UK HQ at Lymington Yacht Haven Marina.

It is understood the notice has been filed in order to protect the company from a lawsuit bought by a customer and that discussions are taking place with a potential investor.

However those who invested money through the crowd funding could be left out of pocket. The legal move may only affect the holding company with staff and customers unaffected.

MBO

The company is headed by MD Sean Langdon who completed a management buyout following the retirement of founder and chairman John Charnley.

In June 2017, Discovery Yachts announced it had acquired the Southerly range of swing keel sailing yachts for an undisclosed sum.

In June 2018, Werner Schnaebele increased its shareholding in Discovery Yachts Group by 20% from Sean Langdon, in addition to a 10% shareholding acquisition in the group during the crowd funding.

Sean and his management team are understood to have retained more than 35% of the company.

The company employs 120 staff.

Crowd funding websites state that investors should implement a diversification strategy when building an investment portfolio in order to cushion any losses.

Latest Press Releases

What does sailing mean to Sir Robin? - Episode 10 of 80 Seconds with Sir Robin Knox-Johnston

Sir Robin Knox-Johnston is a household name in the world of sailing and beyond, but did he ever have... Read more

The Poole Harbour Boat Show Exhibitor Stand Space and Sponsorship Sales Open Now

The Poole Harbour Boat Show is now officially launched for a return in 2020 to the spectacular boati... Read more

Barton Marine take key role in showcasing UK Manufacturing Excellence

New for 2019 the Southampton Boat Show, powered by Borrow a Boat will be welcoming visitors into the... Read more

The International Paint Poole Regatta - Shaping up to be even Bigger in 2020

The International Paint Poole Regatta 2020 is developing to be the biggest event yet, with the organ... Read more

MS Amlin Seamanship Award Entries Close on the 20th August

Your chance to enter the MS Amlin Seamanship Award 2019 closes at midnight on Tuesday 20th August. Read more

Damage to the Environment - Episode 5 of 80 Seconds with Sir Robin Knox-Johnston

Sir Robin Knox-Johnston and Dee Caffari look at how the environment at sea has been damaged over the... Read more

View all