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OWNERSHIPS, the largest company providing management of shared boats, which collapsed with debts of £1.8m has relaunched itself as Ownashare Cruising.
This follows a meeting in Stevenage on the 8th May where mandate forms were provided to owners to ascertain interest in starting a new company.
Same management team
As expected, the new company will be run by the ex-OwnerShips management team with Phil Capp, who has worked for OwnerShips for some 19 years, as managing director. Ex-OwnerShips owners joining Ownashare will be eligible for shares in the new company in proportion to losses.
It is understood that the vast majority of syndicates (mostly comprising of up to 12 private owners of a boat) have waited for the Ownashare Cruising prospectus before making a decision on the long term future of their boat.
Narrowboatworld's Allan Richards, an ex OwnerShips owner and local manager, and the only journalist invited to the meeting in Stevenage comments:
"The launch of Ownashare Cruising demonstrates that the new company is confident of winning management contracts for over half of the 100 plus boats left stranded by the collapse."
Alternatives
However, boat syndicates do have alternatives with Kate Boats, BCBM, ABC Boat Management (part of the ABC Leisure group) and Carefree Cruising all expressing an interest, and Allan writes:
BCBM have, following the launch of Ownashare Cruising, announced a discount in mooring costs (from £2,400 to £2,000 pa inc. VAT) at its main Nantwich base for any ex-OwnerShips boat taking out a management contract with them.
Cutting charges
However, ABC Boat Management, who claim average mooring charges only slightly higher than the BCBM discounted rate, are now offering massively discounted management fees fixed until the end of 2012.
It is good that owners have choice, and companies are willing to compete strongly for the business. However, a minority of boats will decide to self manage. Others may be sold by owners if they are unable to agree how they should be managed in future or in order to recoup loses.
Bleak future
Looking forward, the future is bleak for shared ownership. With the two major players crashing with massive debts the public will have lost confidence in buying shares in either new or old boats in a once thriving industry. |
