Floating to success

A former top in-house solicitor has taken the plunge into the boat business by setting up a 'timeshare' venture with yachts.

Mark Simpson left his job as head of legal at the London office of Japanese banking giant Nomura last year to start a company, Yachtowner.

For a membership fee of 30,000 and a yearly maintenance charge of 3,000, members of the scheme get at least 16 weeks of sailing spread over four years.

After four years, the boats are sold and the proceeds split between members.

'It is really aimed at people who don't have the time or the finances to own their own boat, but we are finding it particularly appeals to time-constrained professionals such as lawyers', said Mr Simpson.

'After four years you get in the region of 50-60% of the initial subscription back.'

Mr Simpson said the idea for the business arose when he and his father looked around for a similar scheme but could not find one.

'I felt it was the right time in my life to build a business and be the master of my own destiny in an area I enjoy,' he said.

'I don't miss being a solicitor at all, as the challenge of dealing with issues related to being managing director of a company are great.'

Mr Simpson said he is aware it will not be all plain sailing, but is hoping to develop the business so that - no pun intended - in 'five years we can float on the Stock Exchange'.

LINKS: www.yachtowner.com

Andrew Towler