Preveza town
The M.Y. Premier Cru Boat Share Syndicate
Background
Looking to get involved in a boat syndicate? The M.Y. Premier Cru syndicate occasionally has a share for sale. If you would like to be informed when a share becomes available please contact us.
We operate the most common form of boat share, a private syndicate. These usually consist of two to ten members, we have seven.
As is typical with a boat syndicate, ours stemmed from the original owner bringing on sharers to spread the cost of running the boat.
Naturally, we have a formal agreement which all syndicate members sign. It covers every eventuality from, what happens if the boat is damaged to rules for selling your share etc.
Shares and Costs
Each member owns a 1/7 part of the vessel. When available, shares change hands for £13,500. Recently the boat has been given a general make-over, had a new swimming platform and new boat deck fitted, hull and superstructure re-paint and re-sheathing of the hull, thus increasing the overall value of the vessel. We anticipate further upgrades over the next two years and the shares are likely to increase in value.
Members benefit from having an active Secretary, David Rudland, a syndicate member who takes the strain of managing all elements of the boat from dealing with annual upgrading projects, boatyard arrangements and haggling with Greek tradesmen!
The syndicate currently collects £3,000 per annum from each member of the syndicate towards the cost of maintaining and improving the vessel. This amount can only be increased if voted for by the syndicate, so, members know what outlay to expect each year.
There are annual yearly costs, which are covered by the annual £3,000 payment, such as winter boatyard lay-up, insurance, standard boat maintenance etc. And, as with any classic boat (which is an on-going project) there are one-off improvements to be made. For example this year, we are undertaking full engine overhauls. Again, these are covered by the annual payment.
Membership requirements
Sadly, we can only consider applications from interested parties who have boat handling experience of vessels of this size and who are in possession of a day skipper qualification, or who are prepared to undertake the examination.
Member Entitlement
Each year members get 4 weeks cruising, split into 2 x 2-week slots. So you should consider the value of having access to a 16 meter motor yacht for four weeks a year for under £1,000 a week!
Our season runs from April - October.
We attempt to allot slots to members' first preference.
Boat Location
Premier Cru is currently based in Vliho, Greece. This has proved to be very successful for several years as it has an airport and is convenient for trips north to Paxos, and Corfu and south to the safe cruising grounds of other Ionian islands such as Lefkada, Meganisi, Ithaca, Kefalonia and Zakynthos.
In previous years Premier Cru has been based in other Greek ports, in Turkey and in Croatia.
There is no intention to re-locate the boat any time soon but members are free to propose and vote on moving.
Current Boat Syndicate Members
The Premier Cru Syndicate are a varied bunch. Members include a clinical professional, a member of the film industry and a property business owner.
The average age of members is around 55. We are all active and enthusiastic sailors, keen to spend time on the water with our friends and families. We also share a passion for traditional, wooden, boats.
Boating Synidicates
If you become part of a boating syndicate like ours, you will own part of the asset, which means you have direct responsibility for your share of the maintenance costs and upkeep of the boat. Ours is a privately run syndicate, as opposed to a commercial boat syndicate.
Is This Right for You?
The ideal syndicate member is someone with a passion for traditional wooden boats. Someone who understands and appreciates what it's like being involved with an older boat - an ongoing project.
Maybe you've always wanted to own such a boat but have been put off by the prospect of carrying 100% of the cost. It certainly helps when you share costs with 6 other people.
You will be required to hold, as a minimum, the RYA Day Skipper boat licence. The insurance company insist upon this. You would also have to visit the boat in Greece and, during a two or three day mini cruise, satisfy a minimum of two syndicate members as to your seamanship and boat handing abilities. These requirements are enshrined in the syndicate terms and conditions in order to protect both the boat and the joint owners.
You can be as active in development planning as you wish. You will always be invited to vote on any plans. The syndicate holds an AGM each year on or about December 1st when we review the year and agree on the next cruising season and proposed expenditure.
Most importantly, you will be a keen sailor; someone who loves the idea of cruising the Ionian Sea. Stopping off at beautiful bays for swimming or lunch. And you'll need a few friends/family to join you – a maximum of 8 people in total on each trip. It is also important to remember that, amongst your guests, at least one other person with a competency of seamanship is required to be present. Premier Cru is a big boat and anchoring and going stern-to on a quayside or marina is a two or three man operation.
Why Join a Boatshare Syndicate?
Cruising aboard a classic motor yacht is a wonderful pastime, but the reality of owning a boat outright often brings unexpected pressures. How much is the upkeep? What happens when my boat is not being used? I don’t have the time to organise all the annual improvements and maintenance.
Owning a boat, whether it’s a luxury sailing yacht or a motor yacht, can be a big investment in both time and money. These days many boat owners are turning to boat sharing schemes like ours as a great way to spread the costs and share the fun.
Boat Sharing Schemes
Over recent years many different types of shared ownership schemes have emerged. Some schemes allow for fractional ownership i.e., actually owning a share of the asset, which is how Premier Cru's syndicate operates, whilst others are simply membership schemes where you effectively purchase a share in boating hours.
M.Y. Premier Cru
The Buy a Boat Share website is the home of M.Y. Premier Cru
Based in Preveza, Greece.
