Luxury yacht businesses based in Britain have been cruising ahead after the Brexit vote, thanks to the fall in the value of the pound attracting more international buyers.
Sunseeker London Group, which is one of the largest distributors of the luxury yacht brand, has enjoyed a sales boost following last year’s EU referendum. It is expecting this year’s turnover to hit £200m, up from £183m last year.
“We’ve done really well on the back of Brexit and our sales have increased significantly since the EU referendum last year,” David Lewis, group managing director of the Mayfair-based company told City A.M.
“Because most of our clients are international, they buy the yachts only in foreign currencies whereas we sell our products only in pounds.
“That’s why an American who is buying a yacht from us and wants to keep it in Europe will end up buying one for 15 per cent less than before the Brexit vote,” Lewis added.
However, the Sunseeker London boss warned that the yacht distributor may be forced to increase prices next year, unless the pound recovers.
“The slump in the value of the pound will be a disadvantage to us in the long run because most of our boats are purchased by foreigners.
“I think we can get to at least January and February next year without having to review our present pricing but there may come a time that we would have to consider increasing prices,” he said.
Sunseeker London Group sells nearly 40 per cent of all the yacht brand’s production worldwide. It has offices in more than 20 countries.