- Business - GYG Ltd reveals intention to strengthen market position

By SuperyachtNews

GYG Ltd reveals intention to strengthen market position

Remy Millott, CEO of GYG, provides insight on the recent decision to de-list from the AIM market of the London Stock Exchange.…

Earlier this month, GYG LTD, the superyacht painting, service and supply company, officially de-listed from AIM and returned to life as a private company. Despite trading in the first half of 2022 being in line with market expectations, and delivering a strong EBITDA performance, a variety of factors meant that the cost and inconvenience of being publicly listed were no longer generating sufficient benefit for the company. Valuation volatility, geopolitical factors, and the compatibility of the requirements for transparency within public markets and clients’ discretion were the main contributing factors influencing this decision.
Although the COVID-19 pandemic significantly affected the majority of businesses listed on AIM, GYG was one of the few companies that was able to maintain operations and report impressive revenue growth and profitability throughout the period. However, despite this recent display of strength during a period of uncertainty, external influences and geopolitical tensions in Europe over the last six months meant that many businesses in the yachting industry were forced to reassess and adapt. The sensationalist and predominantly negative press coverage surrounding the superyacht market following the sanctions fallout meant that companies such as GYG suddenly became less appealing to potential investors in a very short space of time.

Remy Millott, CEO of GYG

Remy Millott, CEO of GYG, explained, “There was a lot of negativity regarding any company that worked in an industry that might have an association with Russia. So, we decided to take a step back and take stock and we are very confident this was the right decision for our business. Typically, when you delist a company, the share price falls off a cliff and everyone runs for the hills. In our case, 98 per cent of our shareholders voted to maintain their shareholding in GYG as a private business and that’s because they still recognise the substantial opportunities and they still like the business.”

Millott continues, “Ownership is now concentrated amongst management and three global institutional investors and we have received a lot of interest from people in the industry who want to buy shares in GYG...

"At the moment, the company is stronger than ever, and we have a lot of firepower at our disposal, so we are excited to start this new chapter.”

Unfortunately, for most publicly listed companies in the superyacht industry, strict NDA contracts typically tend to prevent stakeholders from being fully transparent with the public market. For example, once a major contract is signed for a large new build, only certain details such as the name of the shipyard and the LOA of the vessel will be made public. Other information such as the name of the yacht and the identity of the Ultimate Beneficial Owner must be kept private. This massively downplays the significance of any share price news updates being communicated through a stock exchange announcement.

With GYG Ltd no longer having to comply with onerous regulatory requirements, the focus now will be on expanding the business in the most sustainable and cost-effective manner possible. Millott hinted that over the next couple of months there will be an array of exciting announcements showcasing the company's intent to strengthen its green credentials while continuing to deliver the highest quality service in the market.

“Right now, the priority for me isn’t about how much revenue we are doing, it is about the quality of the earnings for the group.” Millott revealed, “Our goal is to deliver the best quality and the best service for the best yachts on the market. I feel that we already have the best reputation quality-wise, but we want to build on that and maintain it while we make the most of our expansion opportunities.”

While this move is a testament to the company’s ability to adapt and re-calibrate in an uncertain and ever-changing market, it also reveals the true breadth of the challenges facing even the most reputable companies in the superyacht industry today. To stay up to date with the latest exciting initiatives and business news updates in the new build and refit sectors, be sure to sign up as an essential member by visiting the link here. 

Profile links


Join the discussion

GYG ltd reveal intention to strengthen market position


To post comments please Sign in or Register

When commenting please follow our house rules

Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry‚Äôs most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.

Related news

Image for GYG publishes audited financial results for 2020

GYG publishes audited financial results for 2020

Despite a decrease in revenue caused by the COVID-19, improved efficiencies throughout the group have resulted in an improved adjusted EBITDA position


Image for GYG's order book bodes well for 70m-plus activity

GYG's order book bodes well for 70m-plus activity

With a record order book, GYG's large superyacht activity highlights  how resilient the desire to yacht remains


Image for GYG provides half-year trading update

GYG provides half-year trading update

Despite the disruption caused by the COVID-19 pandemic, GYG expects to meet market expectations for 2020


Image for GYG provides performance update

GYG provides performance update

SuperyachtNews speaks with Remy Millott about the group's 2019 financial performance and its on-going strategies


Image for The Pinmar Festival postponed until 2021

The Pinmar Festival postponed until 2021

Pimnar announces deferment of its inaugural festival event to 2021 as a result of COVID-19 pandemic


Sign up to the SuperyachtNews Bulletin

Receive unrivalled market intelligence, weekly headlines and the most relevant and insightful journalism directly to your inbox.

The SuperyachtNews App

Follow us on