FRP secures sale of Chelsea Yacht & Boat Company and Cadogan Pier

Ian Corfield and Anthony Simmons of FRP Advisory, acting as Joint Administrators of the Thames River Investments group of companies, are pleased to announce the successful sale of the shares in Chelsea Yacht & Boat Company Ltd (CYBC), Viceroy Marine Ltd and Cadogan Pier Ltd to Thames River Group.

Backed by Crestline, an institutional global investment manager, Thames River Group is a new company established to own and operate the businesses. CYBC and Cadogan Pier operate some of London’s most distinctive residential and leisure mooring communities on the River Thames, centred on Chelsea Embankment beside Albert Bridge. Together they form a recognised part of London’s maritime heritage. CYBC is among the capital’s most established residential mooring communities, and Cadogan Pier provides key river-access infrastructure.

Thames River Group and Crestline have committed to invest in the businesses and sites, prioritising safety and core infrastructure improvements, securing the long-term future of the businesses.

To lead operations, an experienced management team has been appointed, headed by General Manager Mark Wanless. Mark joins from Aquavista, the UK’s largest marina operator, where he acted as Operations Director responsible for a 29-site portfolio and grew its residential mooring contracts from 320 to more than 1,000 nationwide. He also led the integration of 11 marina acquisitions alongside sustained improvements in customer service and operational standards.

The new owners have committed to engaging directly with licence holders and vessel owners at each site as it rolls out its new multi-year investment programme.

Anthony Simmons, Joint Administrator and Director at FRP, said: “Our priority throughout has been to secure a future for these well-established riverside communities and the best possible outcome for creditors. Following a competitive process, we have a credible and well-funded buyer in Thames River Group, with the resources and the commitment to invest that these sites need. The sale provides stability for residents and vessel owners, and a platform for the businesses to move forward.

The Joint Administrators focus will now turn to assessing and realising value from the remaining group’s residual interests and we will report to creditors in due course.”

Mark Wanless, General Manager, added: “Chelsea Yacht & Boat Company and Cadogan Pier hold a unique place on the River Thames. They are exceptional communities, but they haven’t had the investment they need for some time. Putting that right, beginning with safety and core infrastructure, is my first job.

We will communicate openly with licence holders and vessel owners at every site, and that work begins now, by listening to them.”