Discovery sold and restructured
Discovery Yachts has been restructured after going into administration and being immediately bought in a pre-pack sale late last year. The Southampton-based company, which builds the Discovery and Southerly range of yachts, is now owned by Binti Marine Holdings Ltd, a UK subsidiary of Binti Holding Gmbh.
Behind this is German businessman Werner Schnaebele, who originally bought shares in the company in 2018 and made a further loan in 2019. Since reinvesting to save the business he has become the controlling shareholder.
Schnaebele currently has a Bluewater 50 catamaran in build.
In 2018, following a management buyout of Discovery from its founder, John Charnley, some £2m was raised through crowdfunding. The largest of these investors was Schnaebele. But the company ran into trouble last year when Discovery Yacht Sales Ltd and Discovery Yachts Group Ltd lost a case in London’s High Court taken by the owner of a Discovery 58. Andrew France sued, citing ‘numerous significant defects’ including leaking deck hatches. Mr Justice Teare ruled that Discovery Yacht Sales Ltd should pay Mr France £911,113, while Discovery Yachts Group Ltd was ordered to pay him £262,957.
When the company went into administration, these companies were rendered defunct and, as a result, crowdfunding shareholders lost their investment. The company now conducts its business through the entity Discovery Shipyard, the principal operating subsidiary of Binti Marine Holdings Ltd.
Former managing director Sean Langdon has been replaced by John
Burnie, previously sales director. “We have a strong level of support from a number of relevant people, notably from our staff and suppliers. Most importantly we have full and comprehensive support from our loyal and generous owner. His deep involvement and commitment has ensured its survival and secured the livelihoods of 100-plus people currently working at the shipyard,” says Burnie.
“Normal day-to-day operations in the business, particularly at the shipyard, are unaffected and the restructured company will continue to fulfil all customer orders in the usual manner.”
Discovery’s new Revelation 480 saloon yacht premiered at Boot Düsseldorf in January. See discoveryyachtsgroup.com