DF Capital’s support drives success for Approved Boats
DF Capital has been providing Southampton-based Approved Boats with inventory finance since 2018; a length of relationship reflective of its own ethos of providing a superior level of service that keeps customers returning.
About Approved Boats
Established in 2009, Approved Boats is a family run business led by brothers David and Steven O’Rourke. It is a multi-franchise marine dealer that specialises in stocking a wide range of premium brands, from small speed boats to large yachts, operating across the UK and the Mediterranean. As well as selling brand new boats directly from manufacturers, it also focuses on refurbing premium used boats and selling them on with extended warranties and after care. The business prides itself on offering top quality products supported by a superior level of customer service throughout the sales process and beyond, a model that’s proving successful in building long term relationships and driving customer loyalty.
In 2021 it won the Outstanding Customer Service award from Motor Boat & Yachting, and has been shortlisted in that category every year since.
What did Approved Boats need?
David recognised that freeing up working capital held in used stock would help the business grow by improving cash flow and enabling it to buy more boats, including on forward order from manufacturers. DF Capital’s agile approach, coupled with a strong focus on providing great customer service, has made it the funder of choice for Approved Boats.
How did DF Capital help?
Freeing up working capital held in stock has enabled a rapid period of expansion for Approved Boats. Approved Boats has built a strong reputation in selling and servicing boats. One of the key success factors in doing this has been to source quality stock, quickly and efficiently. The DF Capital facility helps with this by providing David and the team with confidence that the funding is in place and ready to use.
Initially a £500,000 facility was set up which has been increased over the years to £8m, evidence of the strong working relationship between the two businesses and the success of the funding model.
Results
Having worked together since 2018 , DF Capital has supported Approved Boats’ journey to becoming a respected name in the marine industry. By providing essential funding to stock a wider range, it has been able to meet the diversifying needs of its loyal customer base and capture new market opportunities. The strategic partnership has significantly boosted its cash flow, allowing investment in growth initiatives and strengthening its position in the industry.
David O’Rourke, founder and managing director of Approved Boats, commented “DF Capital has been instrumental in helping us expand and develop our business. The customer portal gives us instant visibility of our account, and DF’s agility and willingness to help just makes our lives easier. With a personal approach to customer service that mirrors our own, same day funding, and in depth understanding of our business, they continue to be our provider of choice for inventory finance”.
Angela Goulding, managing director for powersports at DF Capital, said: “We’re proud of our relationship with Approved Boats that continues to go from strength to strength as we support their growth ambitions. Our inventory financing has enabled them to expand their stock levels, meet customer demand, and seize new opportunities. It’s fantastic to see how our financial support is contributing to their ongoing success”.
