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svHyLyte · 07-10-2008, 07:07

I find it astonishing that anyone would contract and advance payments on a boat, house, or any other major construction project, without requiring the builder to obtain guaranty of completion and guaranty of performance bonds in favor of the buyer issued by a highly rated surety company. For a good builder, the cost of such "Perfoemance Bonds" are little more than 1% of the contract cost. If the builder cannot obtain bonds satisfactory to the buyer, that is not a builder one wants to be giving money too in the first place. With them, if the builder fails the surety covers the cost of completing the construction/delivery or if that cannot be done, refunds the buyer's money and deals with the builder for recovery.

FWIW...

s/v HyLyte

Joli · 07-10-2008, 09:11

Our problem was with a medium sized builder that had been around for 50 years and is still in business. We held a fair chunk back but still it was a PITA. With todays economic climate I would be extremely hesitant to buy a build slot. Let the builders build to spec.

Quote:

Originally Posted by shadow

DAMN Joli, I really hate to hear those types of stories even though they are not as rare as one might think. Was the new boat from a major manufacturer or a smaller builder?? Just curious to see the degree of risk depending on the company's profile. Thanks again for sharing that experience.

Vasco · 07-10-2008, 09:33

Quote:

Originally Posted by Joli

Our problem was with a medium sized builder that had been around for 50 years and is still in business. We held a fair chunk back but still it was a PITA. With todays economic climate I would be extremely hesitant to buy a build slot. Let the builders build to spec.

That's my feeling entirely. Get one from a successful dealer that has one in inventory. A good dealer can add on the little custom features that you'd like and do it cheaper than the manufacturer. I got one off the lot and the dealer did a lot of custom work including a different stemhead fitting with double rollers and swapped out the two burner stove for a three burner.

Therapy · 07-10-2008, 14:16

Quote:

Originally Posted by svHyLyte

I find it astonishing that anyone would contract and advance payments on a boat, house, or any other major construction project, without requiring the builder to obtain guaranty of completion and guaranty of performance bonds in favor of the buyer issued by a highly rated surety company. For a good builder, the cost of such "Perfoemance Bonds" are little more than 1% of the contract cost. If the builder cannot obtain bonds satisfactory to the buyer, that is not a builder one wants to be giving money too in the first place. With them, if the builder fails the surety covers the cost of completing the construction/delivery or if that cannot be done, refunds the buyer's money and deals with the builder for recovery.

FWIW...

s/v HyLyte

Having only "built" only one house in my life, I am now sure that a lawyer would be involved with me to have a contract that I could understand and would make sure that I did not "lose" on the construction and waiting. At least I hope for that.

bb beware · 11-10-2008, 08:00

BB have had to pay the sub contractor (TEC ) a payment in advance to complete the boat. The materials are on hand, I will just have to watch this week! Unfortuneately, the upholsterer has not been paid for the last 3 boats and is now reluctant to finish. The BMF are now involved and are trying to pressurise their members (all 3) to honour their contracts.
BB have sacked all their staff: they now consist of 1!!

ireaney · 11-10-2008, 11:45

Oh dear, so it appears that the rumours I heard were correct, what a terrible shame for the boat industry and all concerned, I hope that all BB purchasers get their boats.
Who is going to be next?

Nordic cat · 11-10-2008, 11:48

Catana?

ireaney · 11-10-2008, 12:13

Quote:

Originally Posted by Nordic cat

Catana?

Alan, I think you could have a point, Poncin who own Catana stopped manufacture about 6 months ago (I think) of their (was it Harmony or Symphony) monohull range due to huge losses and poor sales, but I think that the French government were giving them an extension of time to start paying off some of their creditors, but it has all gone very quiet.

**sandy daugherty** · 14-10-2008, 13:47

BroadBlue declared bankruptcy Friday, according to Tony Smith.

**Woods Designs** · 14-10-2008, 15:35

That is because I told him, based on what I read here, so it isn't any extra proof I'm afraid

Richard Woods of Woods Designs

www'sailingcatamarans.com

**GordMay** · 15-10-2008, 03:11

Quote:

Originally Posted by Woods Designs

That is because I told him, based on what I read here, so it isn't any extra proof I'm afraid
Richard Woods

Talk about a circular discussion - perhaps we're creating our very own self-fulfilling prophesy.

A search of the local (Ipswich, Suffolk) news doesn't return any Broadblue results.

Does anyone know if Broadblue Catamarans Limited were actually at the recent Southampton International Boat Show (12th to 21st September 12 - 21, 2008)?

JustStartin · 15-10-2008, 03:42

Yes - Its generally called gossip but of course in legal circles its called libel or slander and has big fees and costs associated, especially for the originators. Could solve BBs problems if they have any. Otherwise it could be just a windfall for them!

Nordic cat · 15-10-2008, 03:48

Quote:

Originally Posted by GordMay

Does anyone know if Broadblue Catamarans Limited were actually at the recent Southampton International Boat Show (12th to 21st September 12 - 21, 2008)?

See post #1 - seems they were.

ireaney · 15-10-2008, 04:18

Quote:

Originally Posted by JustStartin

Yes - Its generally called gossip but of course in legal circles its called libel or slander and has big fees and costs associated, especially for the originators. Could solve BBs problems if they have any. Otherwise it could be just a windfall for them!

See post #1 and the title, you will see that it is worded as a question and not as a statement, we are not that stupid in the UK.
I believe Broadblue is owned by a very well known and proffessional Furniture Manufacturing company Boating Business: Broadblue appoints Saltwater
in Broadblue Ltd, Lowestoft, Suffolk, NR32 - Contact Details | iSuffolk
and Broadblue Catamarans: Builder of of the Bradblue range of catamarans

So maybe the rumours are not true, but who is Tony Smith

Yes they were deifinitely at Southampton with the 385 Mk2.
I have just phoned BB and their Sales Director, Rupert Knox-Jonson is no longer there, but if I was interested in a BB I was to speak with their UK agents, so I assume that they are not Bankrupt as stated earlier on this thread.