Vail Williams has advised property investment company, Fuller Group, on the sale of Deacons Boatyard Ltd to south coast marina operators, Dean & Reddyhoff, for an undisclosed sum.
The deal, brokered by experts in the marine and leisure team at commercial property advisers, Vail Williams, negotiated the sale of the 135-berth marina and boatyard in an off-market agreement, following the introduction of the two parties last year.
Situated on the River Hamble, Deacons Boatyard, which in addition to its marina boasts space for over 150 boats ashore, has been owned by the Fuller Group since the 1960s.
In recent years, it had undergone an extensive programme of works, including the dredging of the entire marina, and the development of new marina infrastructure in 2014.
The business also comprises a skilled boat repair and maintenance operation, backed by complementary tenant engineering and support services.
Speaking of the deal, Ian Froome, Head of Marine and Leisure at Vail Williams, said: “We are delighted to have advised Fuller Group on the sale of their operations at Deacons Boatyard.
“Having previously acted for Dean & Reddyhoff, we knew that the company was looking to grow by acquisition, so this was a case of successful match making, rather than a traditional property marketing campaign. Given our position as a trusted adviser between both parties, we were able to help guide a complex due diligence process through to successful completion.”
The two companies have been working closely together since their introduction last year, with Deacons offering boatyard services to Dean & Reddyhoff Solent-based berth holders.
Alex Fuller, Director at Fuller Group said: “We have invested heavily in the boatyard over the years, helping to create one of the areas most loved marina complexes. We are now very pleased to facilitate the next stage of its development under the ownership of the Dean & Reddyhoff group.
“Importantly, I would like to thank our customers, staff and on-site tenants and wish them well for the future, and would also like to thank the team at Vail Williams for their excellent advice in ensuring a smooth sale.”
From April onwards, Deacons’ annual berth holders will receive the same boating benefits as all other Dean & Reddyhoff berth holders, including 21 free overnight visits to group marinas, discounts at on-site restaurants and free tickets for Southampton Boat Show.