DF Capital helps Gibbs Quay Boat Sales ‘seas’ the day
Gibbs Quay Boat Sales has worked with DF Capital for over five years and, in that time, its inventory finance facility has increased and enabled the business to grow.
About Gibbs Quay Boat Sales
Gibbs Quay Boat Sales (GQBS) is one of the largest sports boat and cruiser dealerships in the country. It is a UK importer and distributor for some of the world’s leading manufacturers, including Schaefer Yachts , Cobalt Boats, Salpa Nautica, Grandezza and Atlantic Marine. It sells a variety of different brands to cater for particular sectors of the market and to accommodate varying budgets and needs. Now based in a private boat yard in Poole, Dorset, GQBS was originally founded in 1906 as Kenneth M Gibbs & Company and first located in Shepperton on the banks of the river Thames. Over the past 100 years, the company has evolved from being boat builders into a thriving motor and sports boat dealership.
What did Gibbs Quay Boat Sales need?
GQBS is a rapidly growing business. The boating scene has become more popular since the beginning of the pandemic – people are increasingly realising they want more of a work-life balance and are becoming more environmentally aware. This has meant that the business has become very busy over the past two years.
Recently it started selling a new brand Schaefer Yacht for its customers. This, coupled with the need to keep the showroom stocked, meant that a larger funding facility was needed to help maintain the liquidity within the business.
How did DF Capital help?
A £2 million revolving unit stocking facility was put in place, with DF Capital paying third party suppliers on behalf of GQBS.
Results
DF Capital has helped GQBS to increase sales and continue its growth as a market leader by enabling the business to hold and buy more boats due to the increased cash flow benefits of the revolving facility. The funds also provide further buying power potential for new brands entering the UK.
DF Capital has completed the funding over 60 boats over the last five years since the business came on board.
What do our customers say?
Don Bissessar, managing director of Gibbs Quay Boat Sales commented: “We’ve known the team at DF Capital since it was founded. In that time, the team has shown as much passion for our industry as our own employees. The service we’ve received has been impeccable throughout and the bank’s investment in its systems has meant that it has been easy to do business with on a daily basis. DF Capital provided a lot of support throughout the Covid pandemic. We can discuss both opportunities and challenges with the team and know that there will always be a flexibility in its approach to funding. Because of the facility it offered us we have improved our margins on an ongoing basis and have been able to attract both new brands and customers to our business, as well as serve our loyal customer base. It has been a pleasure working with DF Capital and its team.
Chris Ratcliffe, head of client management, powersports, at DF Capital, said: “Gibbs Quay Boat Sales is an inspiration in this industry. It consistently aims to meet its customers’ boating needs and consistently deliver high levels of service. Providing a funding facility to a business that has unrivalled knowledge in the industry, with a passion to succeed and grow is very satisfying. We are proud to say that we are focused on relationship-based lending, and our rapport with Don and his team is very strong. Not only do they run an admirable business, but they are knowledgeable, approachable and professional in everything they do.”
