resilience than expected, with attendance only 11 percent down on
2008’s figure, and manufacturer sales levels higher than had been
feared.
terms of hard figures, also seem to have made more headway at the
show, although HBOS was absent.
Boldest was Barclays, noting a decreased number of applications,
but a 200 percent increase in overall lending due to the size of
individual deals. Senior marine manager James Crew said the result
underlined the robust nature of the yacht market’s top end, and
stressed the increasing importance of the marine division to
Barclays as a group.
Exhibiting only a yacht’s length away from Barclays was Lombard
Marine Finance, which reported a lower than expected drop in
applications received.
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Lombard also experienced success with a new product using a
one-month sterling LIBOR as a base rate rather than the finance
house base rate of 4 percent, meaning a marked decrease in the cost
of borrowing.
HSBC’s Marine Finance division did not exhibit at the show but
was represented by division head Mark Astbury. Astbury reported a
“reasonable” amount of business, and added that HSBC’s strong
funding lines had been instrumental in placing business among its
target market of £100,000-plus yachts.
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