Brooms Up For Sale

[Hylander]

I see Brooms is up for sale.  Cannot give a link as on phone.

 

 

[Wussername]

https://www.edp24.co.uk/news/24107278.broom-boats-white-heron-pub-brundall-sale/

[ExSurveyor]

I wonder if this was triggered by the planning refusal for the floating pods in the marina.

[Wussername]

2 minutes ago, ExSurveyor said:

I wonder if this was triggered by the planning refusal for the floating pods in the marina.

I don't think so.

 

“We’ve also seen greater activity in the sector from owners of holiday parks and associated leisure hospitality businesses which do share some similarities in terms of the underlying business model with marinas. 

“As a result, we anticipate that interest in Broom Boats will come from a diverse range of parties.”

From Christie &Co who \re handling the sale

 

Jon Patrick, head of leisure and development at Christie & Co, which is handling the sale, said: “We’ve witnessed an uptick in the demand for both inland and coastal marina and boating businesses over the last 18 months. 

“This has come from existing UK and European operators, as well as boating and marine enthusiasts and investors. 

 

[Wussername]

2 minutes ago, Wussername said:

I don't think so.

 

“We’ve also seen greater activity in the sector from owners of holiday parks and associated leisure hospitality businesses which do share some similarities in terms of the underlying business model with marinas. 

“As a result, we anticipate that interest in Broom Boats will come from a diverse range of parties.”

From Christie &Co who \re handling the sale

 

Jon Patrick, head of leisure and development at Christie & Co, which is handling the sale, said: “We’ve witnessed an uptick in the demand for both inland and coastal marina and boating businesses over the last 18 months. 

“This has come from existing UK and European operators, as well as boating and marine enthusiasts and investors. 

 

"An uptick in demand"  plus “This has come from existing UK and European operators."

I feel a bit queasy. Unsettled

Very Old Wussername

 

[ExSurveyor]

Given this quote from the existing owners,

"They said the reason for the sale was that, after more than a decade of ownership, they wanted to focus on their other company, a strategic land and property development business".

I doubt very much that it will be snapped up by someone looking to redevelop the site for housing. The refusal of the pods makes it clear that further development is limited.

[dom]

Talking to NYA last year, it was apparent that the loss of Brooms as builders in 2018 was significant for them, leaving a void in the luxury market. If I was a director of Haines, I think I'd be looking at ways to fund buying some or all of the operation to exploit the goodwill of the brand name. The name, and possibly the yard itself could be a really good investment for someone already producing luxury models.

Sadly though, I suspect they'd struggle to fund a purchase and this might mean an ignominious end to one of the Broads' greatest and most historically signficant yards.

[oldgregg]

Given that the other rumoured sale appears to have fallen through, you'd have to wonder who else would take the site on.

[Bikertov]

Just had the story pop up on my phone, and was about to post it here.

3 hours late by the looks of it ...

[ChrisB]

1 hour ago, ExSurveyor said:

Given this quote from the existing owners,

"They said the reason for the sale was that, after more than a decade of ownership, they wanted to focus on their other company, a strategic land and property development business".

I doubt very much that it will be snapped up by someone looking to redevelop the site for housing. The refusal of the pods makes it clear that further development is limited.

Precisely, hence the reason for unloading. Brooms was a venture capital purchase by people from a property background who's plan was always a major residential leisure redevelopment. If that now looks doubtful, why hang on.

[Bikertov]

56 minutes ago, dom said:

Talking to NYA last year, it was apparent that the loss of Brooms as builders in 2018 was significant for them, leaving a void in the luxury market. If I was a director of Haines, I think I'd be looking at ways to fund buying some or all of the operation to exploit the goodwill of the brand name. The name, and possibly the yard itself could be a really good investment for someone already producing luxury models.

Sadly though, I suspect they'd struggle to fund a purchase and this might mean an ignominious end to one of the Broads' greatest and most historically signficant yards.

I would have thought Haines would be an ideal buyer, combining the two brands and leveraging economies of scale

[ChrisB]

 

31 minutes ago, oldgregg said:

Given that the other rumoured sale appears to have fallen through, you'd have to wonder who else would take the site on.

MDL Marinas spring to my mind, but then so do one or two other big operators.

[dom]

5 minutes ago, Bikertov said:

I would have thought Haines would be an ideal buyer, combining the two brands and leveraging economies of scale

I think it'd be a great outcome all round but, if their accounts on companies house are anything to go by, they haven't got anything like the capital needed.

[marshman]

I think some of you may have long forgotten the history - when they originally purchased Brooms it came with plans to develop the land up by McDonalds as Brooms new factory! Surprise surprise then ,that that was all dropped to be turned into housing. Don't forget that that these guys are venture capitalists and find the original posts and you will see it all laid bare at the time. My guess is substantial capital has been withdrawn as "dividends" as well!!

The brand name is not even worth exploiting - it is years since they sold any proper offshore boats as they then built and all the staff and ancillary businesses have been gradually wound down. I think there is a term for that?

Anyone expecting to develop the existing yard would have a huge battle with planning and in any case you know what happens to houses built on a marsh against a background of rising water levels....!

Its a pale imitation of what existed when originally sold and if any prospective purchaser cannot see the smoke and mirrors, then thats their issue! Brooms have no name or place in that market compared with what existed before.

[CambridgeCabby]

It’s a shame someone such as Fairline can’t be persuaded to buy it , much more sensible than their Oundle base which means boats have to be transported by road 

[Mouldy]

2 minutes ago, CambridgeCabby said:

It’s a shame someone such as Fairline can’t be persuaded to buy it , much more sensible than their Oundle base which means boats have to be transported by road 

Still likely to have to be delivered by road, which could be awkward given the road access to Broom’s yard.

[dom]

33 minutes ago, CambridgeCabby said:

It’s a shame someone such as Fairline can’t be persuaded to buy it , much more sensible than their Oundle base which means boats have to be transported by road 

They're not in a great position themselves. They went into administration in 2015. The current company lost around £18m last financial year. Sunseeker were always struggling for cash and Princess make huge losses. Sadly, our luxury yacht industry is in a pretty sad state.

[NeilB]

45 minutes ago, CambridgeCabby said:

It’s a shame someone such as Fairline can’t be persuaded to buy it , much more sensible than their Oundle base which means boats have to be transported by road 

Their smallest boat is the new Targa 40, the site would require flattening and redeveloping to be of any use, plus lorry access is poor and they already have a test / commissioning facility in Ipswich. 

They also have a large site in Hythe right on the waterfront.

[NeilB]

5 minutes ago, dom said:

They're not in a great position themselves. They went into administration in 2015. The current company lost around £18m last financial year. Sunseeker were always struggling for cash and Princess make huge losses. Sadly, our luxury yacht industry is in a pretty sad state.

Fairline had a checkered re start but they are on the up and on a recruitment drive, give them a year or so.  They have 2 new boat models selling really well, one of which is an addition to the range and there's probably more to come.

[marshman]

Everyone accepts that the access by road to Brooms is less than ideal - that was the whole idea of the new factory by the main road - just think what that would have done to the local economy!!!

Still executive houses make more money......!!

[YnysMon]

10 minutes ago, marshman said:

Everyone accepts that the access by road to Brooms is less than ideal - that was the whole idea of the new factory by the main road - just think what that would have done to the local economy!!!

Still executive houses make more money......!!

Only on a one off! What about local employment? 

[dom]

32 minutes ago, NeilB said:

Fairline had a checkered re start but they are on the up and on a recruitment drive, give them a year or so.  They have 2 new boat models selling really well, one of which is an addition to the range and there's probably more to come.

I hope you're right. They posted a 50% increase in revenue with their last accounts, but the trouble is they're still making a sizeable loss. I think the problem with all of these companies these days is we don't have the supporting industries to supply raw materials and components at sufficiently competitive pricing. I have actually seen ads and considered applying for a marine electrician role, as they're close enough for me to commute, but I just don't have sufficient confidence in the company. Sadly, the same goes for Oyster Yachts too.

[floydraser]

15 hours ago, ExSurveyor said:

Given this quote from the existing owners,

"They said the reason for the sale was that, after more than a decade of ownership, they wanted to focus on their other company, a strategic land and property development business".

I doubt very much that it will be snapped up by someone looking to redevelop the site for housing. The refusal of the pods makes it clear that further development is limited.

So if a company who specialise in land and property development are walking away from it then it appears someone may be putting a spanner in the works to prevent the development of housing there. Does anyone know if development plans were ever submitted?

[ExSurveyor]

It may have been 'informal' advice from the planning department, a very useful service from the majority of planning departments.

[Mouldy]

24 minutes ago, floydraser said:

So if a company who specialise in land and property development are walking away from it then it appears someone may be putting a spanner in the works to prevent the development of housing there. Does anyone know if development plans were ever submitted?

This was one application, not for housing but for reconfiguration of the site:

https://planning.broads-authority.gov.uk/PublicAccessDocs/planningdocs.aspx?appType=Development Control&appNumber=BA/2021/0209/FUL