This case study is unusual in a couple of respects:
- The owner, who only uses their boat occasionally, has sold a 25% share to keep the boat in use throughout the year and to create some income. Although it is more common for the shares to be equal, they don’t have to be.
- The arrangement is based upon the sharers using the boat together, rather than each owner having sole use of the boat when it is their turn
Thunderbolt is a Jeanneau Sun Odyssey 37 moored in San Pedro del Pinatar, Murcia, Spain. 75 per cent of the yacht is owned by one person, who only wants to use the boat for two or three specific weeks of the year. To avoid Thunderbolt being moored up for the rest of the year, which isn’t good for a yacht, a 25% share was sold to four friends, co-ordinated by accountant Roger Bailey.
The four friends sailed the yacht together, each taking one of the three cabins and the saloon. When they bought the share they knew that the 12 weeks of sailing provided by Thunderbolt was too much as they already owned 6 weeks sailing on another yacht in Greece. They planned to split their shares in two and sell off four 1/32 shares at cost. This provides cost effective sailing for them and the new shareholders, makes sailing even more sociable, and gives new sailors an opportunity to sail with experienced ones. To find the new shareholders, Roger placed an ad with yours2share.”
Susan Roberts and her husband have a villa near San Pedro. They had some sailing experience and were considering buying a boat to moor near their villa, but they couldn’t justify the cost for the type of boat they wanted.
As she looked at the options, Susan found yours2share and immediately saw the ad for the Sun Odyssey moored only five minutes from her villa. She contacted with Roger and was invited to sail Thunderbolt with him for a few days to check her skills and experience and ensure they got on well. The test run went well and Susan and her husband bought one of the 1/32 shares.
At any one time there are usually about four owners on the boat sailing together. This gives Susan and her husband the chance to sail far more extensively than they would on their own and to develop their confidence and experience as sailors. Their first holiday was sailing around Ibiza and the Balearics.
Susan explains the costs: “The Sun Odyssey is worth about £70,000 and we paid £2,200 for our 1/32 share which entitles us to four weeks sailing a year. We pay £300 annually for all the mooring, antifouling and insurance costs. We also put approximately 100 Euros per person per week into the kitty when we are sailing to pay for fuel, drinks and some food. As the cost of chartering a similar boat at this marina is between £1500 and £2000 per week, this is a tremendously good deal. Plus I’ve found a new group of friends and I’m improving my sailing.”
Susan: “We’ve never owned a boat before and we wouldn’t consider it now, it’s a waste of money. We would only share. ”
Roger: “We were looking for like-minded shareholders who had a similar spending power to ourselves. This is a very inexpensive way of sailing and whilst we reduce costs when we can, we tend to eat at expensive marina restaurants. We wanted new shareholders who could both afford to do this without considering the costs and who also enjoyed doing this.”