Marine Finance Company needed a solution to locate a yacht, make it seaworthy and deliver it to a broker for sale.
Following on from previous successful repossessions in Europe for a major international bank, Reliance Yacht management was approached by a small specialist marine lender in the UK.
They required a yacht to be located and secured in the Isle of Man and then returned to mainland UK to be sold. The yacht had had alterations made to it, and had not moved for some time. There were questions over it seaworthiness for the voyage.
Reliance Yacht Management were able to put together a package that suited exactly what the finance company required. They were able to identify and confirm the yacht’s location and liaise with port authority and harbour master to determine all outstanding marina fees had been settled. They also contacted the previous owner to gain his cooperation and obtain technical history.
A team of two were sent to the yacht to make an initial inspection and asses what will be required to relocate her. This was reduced to one to save costs, when it became clear there would delays and that considerable work was required to prepare for a passage. The yacht had not been maintained. Eletrics, engine and running rig needed attention. The Captain and Reliance head office sourced the necessary skills and parts required to get systems to a safe standard. When done, new crew were dispatched and a short test sail was completed. All being well they departed and headed south. The yacht arrived in Milford Haven and is now listed with a major broker there for sale.
Asset Recovery is a service of Reliance Yacht Management. They offer a complete range of marine recovery services, including discovery, repair, relocation and re marketing. We are experienced and able to perform international recovery through our network of agents and captains Woldwide.