At the forefront of the conversation
The marine industry is a complex sector, involving manufacturing businesses (e.g. yacht manufacturers), professional services firms (e.g. naval architects) and real estate businesses (e.g. marina operators), along with many other sectors within the marine supply chain, for example logistics.
Despite uncertainty across all sectors impacting on business confidence, the sector continues to grow (recent figures showed industry revenue increasing 1.1% for 2014/15) recovery, and we continue to see businesses actively seeking growth opportunities, whether these be international expansion, or investment in innovation as a means to retain market edge.
BDO understands the complexity of the sector, and through our links with trade and member organisations, and local government links, we also understand the commercial constraints – whether this be skills shortages, or access to deep water sites and associated infrastructure.
Our clients include superyacht manufacturers and world leading naval architects, large marina groups and port operators, and a wide range of businesses that rely heavily on the marine supply chain.
We can use this sector expertise to help you to ensure that your business is in a strong position to maximise growth opportunities, protect profits and boost efficiency. With our broader role in the industry, we can keep you informed of changes, challenges and opportunities as they arise. This combination of breadth and depth makes us one of the top advisors to the marine industry.
How we’ve helped
When a local marina operator embarked on a major construction project to develop a new 800 berth marina, which involved significant civil engineering works to reclaim land, and protect from the sea, BDO became involved in ensuring that the project was structured as efficiently as possible – taking account of the various stakeholders requirements. Over a 6 year period, we worked with the directors to maximise tax efficiencies of the project.
We first met with this south coast superyacht manufacturer in 2008, when their incumbent advisors had advised that the company did not do anything sufficiently innovative to claim R&D tax relief. We worked closely with finance and technical teams within the business to review this claim, which resulted in a first year repayment of tax of over £1m, and significant six figure repayments in subsequent years. Our depth of expertise in working with marine and maritime businesses to reclaim R&D tax reliefs are unrivalled, and allow us to help companies to reclaim valuable cash to allow ongoing reinvestment in innovation.