Setag Yachts targets gap between new boat prices and pre-owned refit

As the cost of stepping into a new boat continues to rise, Setag Yachts is building its business around a relatively simple proposition: owners do not necessarily need to buy a brand new boat to get a significantly upgraded one. The Plymouth-based design and refit specialist is now handling around 30 to 35 boats a year, with the business also expanding into Spain.

“It’s a difficult time for the industry at the moment. Everyone’s struggling. New boat prices have gone a bit crazy,” says Ellie Gates, marketing executive for Setag Yachts. The company’s a design and refit specialist, based in Plymouth and Spain, which takes pre-owned boats and refurbishes them back to new, or better than new, standards.

“We’re trying to fill in the gap,” she notes, as owners wanting to move-up in new boat size can face a significant financial jump.

That plan appears to be working as the company’s refurbishing about 30 to 35 boats a year.

From refit to ‘Setag’

“We’ve kind of taken the market by storm,” says Gates. “Nobody knew who we were. But now it’s a verb. People go to brokers and say: ‘I want to buy a boat to Setag’.

“People know what, and understand what, that means.”

Setag works exclusively on privately owned boats brought to it by clients, rather than buying boats itself for refurbishment and resale. Gates says the company may consider buying stock boats for future refit and resale, but it is not currently pursuing that model.

Many clients have owned their boats for several years and want to modernise them while retaining a vessel to which they are attached. Projects can include interior refurbishment as well as engineering and mechanical upgrades.

Setag also works with prospective buyers who approach the company before purchasing a pre-owned boat, for help with sourcing and other advice. Gates says some owners are considering the used market because of the lead times associated with new boats.

Reusing rather than rebuilding

“We like the sustainability side of it,” she notes (information on the company’s position is available on its website). “We’re not building new for the sake of it . . . We try to be as sustainable as possible, or reuse – if we take something off a boat, we see if we can put it on a different one.”

Gates points out that Setag has got to this position form a standing start, in five or so years. She acknowledged that its CEO, Chris Gates (ex chief exec at Princess Yachts) brought a lot of heritage.

“People trusted us from the get-go,” she says.

“But we’re setting ourselves above ‘the man with a van’ on your marina – who would just change your covers for something different. We’re a bespoke design-led refit service. The proof’s in the pudding.”

Building beyond the original brands

When it was established, the business primarily worked on Princess, Sunseeker and Fairline boats, reflecting the experience of its team. Now Gates says it has worked across a much wider range of brands and can apply its expertise widely.

The business focuses predominantly on motor boats, and across a wide range of sizes. Projects have ranged from 35ft boats to vessels up to 40m. It operates from Plymouth in the UK, and Dénia in Spain. Setag’s European operation was launched last year and is currently managed through the Plymouth business. The team based in Europe is headed by a Spanish manager, with the operation offering the same service, people and design capabilities as the Plymouth business.

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