This Is Guernsey

By Simon Tostevin

Darryl Sharman, Chris Hole and Tim Joyce of Sarnia Yachts, who have completed a management buy-out of the company. Mr Sharman and Mr Hole are executive directors and Mr Joyce is managing director.

THE senior management of Sarnia Yachts Ltd has completed a management buy-out of the business.

The company had always previously been part of the Ansbacher banking group, but a recent review of its Channel Island operations gave rise to the opportunity for senior management to acquire the business.

Managing director Tim Joyce said it was a very exciting time.

‘The only change at this point in time is the ownership. Sarnia has a great team of people, many of whom have been with the company for over 10 years and they have excellent knowledge and experience in this niche business.

‘Independent ownership will now allow the business to adapt in the ever-changing market to better serve its existing and future clients.’

The Guernsey-based regulated fiduciary business, which provides specialist corporate yacht ownership and administration structures for an international client base, will continue to operate from La Plaiderie House.

The company has been in operation since 1971 and offers yacht registration services to third-party owners. It has recently become licensed in Guernsey as an insurance intermediary, allowing it to build on its growing yacht-insurance services division.

Its 25 staff currently service approximately 500 clients and along with Mr Joyce, the board is completed by executive directors Darryl Sharman and Chris Hole.

nÊThe buy-out, which was completed at the end of last year, raises further questions on the future of Ansbacher in the Channel Islands after a story appeared on a number of wealth manager websites last week stating that its owner, Qatar National Bank, was looking for a buyer for its London, Guernsey and Jersey wealth-management operations.

A spokesman for the UK head office said at the time that strategic options were being explored and that it was likely more information would be made available later this week.

Article posted on 12th January, 2009 - 2.30pm