A Swansea-based yacht and boat brokerage company has weathered the stormy waters of the economic downturn by generating half-a-million pound turnover in its first year of trading.

 

Network Yacht Brokers, which has an office in Swansea Marina, now hopes to recruit two new members of staff and boost turnover to around £750k in 2009/10.

 

The firm has grown rapidly since it was established in January , diversifying into new boat sales and securing a South Wales dealership with three big names in the boating world; Avon, Jeanneau Power and Sail, and Sea Ray.

 

The backbone of the business is based on sales of second hand boats that range in price from £5k to over £600k, with the average price being around £50k. The broker makes a profit by charging a commission for making a sale.

 

The company is a joint venture between father and son Mark and Jamie Tibbott. Jamie, aged 26, started the business with support from Venture Wales, the country’s leading business support organisation.

 

Jamie said: “I’m delighted with the success we’ve achieved so far and it’s exceeded all our expectations. Traditionally boats and yachts have been considered luxury items available to only the wealthy. We aim to make the aspirational more affordable to the average individual. We do this through our boat share scheme, whereby groups of four or more people can part own a vessel, and through offering competitively priced marine mortgages and loans.

 

“Our customers vary from average family buyers and those in retirement to professional individuals with larger budgets. Through our comprehensive customer database we have been able to match clients with their ideal craft, which has helped ensure sales of 14 vessels this year.

 

“The next 12 to18 months will be a difficult time for everyone as people rein in spending however I’m confident we can ride the economic storm and come out stronger when the economy picks up again. I’ve received excellent support and advice from Venture Wales who played an important part in getting the business off the ground,” he added.

 

Venture Wales provided critical support and mentoring to Jamie before and during the launch of his company as well as assisting with securing funding.  He benefitted from a £5,000 grant from the Assembly Government’s Knowledge Exploitation Fund (KEF). Venture Wales has also been able to help him with business planning, marketing, training and growth plans.

 

Jayne Davies, a business advisor with Venture Wales, who worked with Jamie, said: “We’re thrilled at Jamie’s success especially in the current economic climate. He’s a great example of a graduate with real entrepreneurial flare that has taken the initiative to start a successful venture.”

 

Boats and sailing have always been an important part of Jamie’s life, his parents own a boat and he served four years in the Royal Navy reserve as a Junior Officer. He is also a medical biochemistry graduate and was intent on becoming a doctor but always harboured a passion for business.

 

Jamie said: “I felt confident there was an opportunity to establish a boat brokerage company, because of the success of the docks in Swansea, and plans to develop further docks in Burry Port, Cardiff and Barry. I decided to put my studies on hold and pursue the business, and I haven’t looked back since.”

 

He added: “It’s been a lot of hard work and the turmoil in the global economy has been unsettling but we’re doing well and remain confident that we’ll enjoy an even more profitable future.”

 

For more information about Venture Wales please visit the website at: www.venturewales.com.