The founders of 8 Yachts say they seek to address two major failings in current industry provision: that the levels of hands-on expertise and service promised to owners in the initial meeting cannot be delivered by managers overseeing a large fleet; and that basic conflicts of interest arise when management companies act as charter agent, yacht broker and crew agent. By limiting the number of Yachts they manage to just eight and by focusing exclusively on yacht management, 8 Yachts can work solely in the best interests of each owner.
“8 Yachts will focus exclusively on managing boats and overseeing new builds and refits based on a clearly set out and agreed fee structure," said Waddilove. "We can’t promise our clients a high quality coffee table brochure each year; or that they will be able to visit us at offices in Monaco, London, New York or Moscow, but we commit to being there to offer sound advice whenever they pick up the phone, and working hard to improve their experience whilst saving money.”
Jim Passmore (left) and Guy Waddilove (right)
With over 40 years’ combined experience in the superyacht industry, Passmore and Waddilove have operated large yachts all over the world. For the last decade they have focussed on superyacht new builds and operations management. Both are licensed captains and members of the International Institute of Marine Surveying. Guy is a qualified Marine Surveyor and has ISM (International Safety Management) credentials while Jim has an Executive MBA and a Diploma in Project Management.
“Whilst there are many companies offering management services, few are hands-on enough to allow owners to benefit from the savings that detail-orientated, proactive management can bring," said Passmore. "Our owners regularly see a 30 per cent reduction in costs; a significant annual saving that is simply not achievable with managers overseeing large fleets, which is the current norm within the industry.”
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