A so-called newly created “third way” in the yacht refitting market could, according to one sector expert, bolster or at least maintain the equity of preowned vessels.
Founder and chief executive officer Chris Gates of recently launched bespoke luxury yacht refitting service Setag, has told BOAT Business it is probable owners of preowned yachts can get their money back with the right refit.
The former boss of Princess Yachts exited retirement to launch the venture this year after spotting what he called a gap in the market for yacht refits needing to be undertaken “from the ground up”.
“I was talking to a friend who had a refit on his yacht, and it cost a lot of money and it was done by some good people, but it wasn’t done from the ground up,” said Gates.
“I couldn’t get into my head why some people were spending half-a-million pounds to £10M on a refit but compromising so much and accepting what people’s choices are in design, fabric and layout.”
Gates, who spent 31 years at Princess, said there wasn’t a service in the category that could cover the whole refit of yachts between nine and 45 metres.