sarnia yachts guernsey

Sarnia Yachts Limited

Administration Services Crew Yacht Management

Administration Services , Crew , Yacht Management

Www.sarniayachts.com.

With 50 years industry experience, Sarnia Yachts provides a complete, diverse and flexible range of services surrounding the ownership and operation of luxury yachts in today’s fast moving world where changing legislation means being up to date is key to protecting the yacht and its owner.

From Yacht Ownership , Yacht Management , VAT Management , Flag Registration to Crew Employment, Payroll and Yacht Insurance , we work in conjunction with our clients to create and deliver a bespoke and long-term solutions for both private and commercial yachts. 

Our impartiality means we will recommend a suitable jurisdiction for ownership and/or flagging whether it is London, Malta, Isle of Man, Cayman, BVI, Jersey, or another, based solely on its merits and the benefits it brings to our clients. Where required, Sarnia Yachts will form and administer a robust corporate yacht ownership structure for an owner.

Discover more at www.sarniayachts.com or contact us today: +44 (0) 23 8212 6400 | [email protected]

• St Saviour Guernsey

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Praxis looks to acquire Sarnia Yachts

Thursday 18 May 2023

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Praxis has announced its intention to expand its yacht services offering through the agreed acquisition of the superyacht ownership and operational services business Sarnia Yachts.

The proposed deal is subject to regulatory and competition authority approvals.

Sarnia Yachts’ 22 employees will be joining the Praxis team, ensuring continuity for   clients and referrers as well as providing access to the extensive range of private wealth and corporate services that the Group provides. 

Following the transition, majority shareholder and incumbent Sarnia Yachts CEO, Tim Joyce, will be retiring after 16 years with the business.  

Praxis CEO, Rob Fearis, said:  “ We are incredibly excited about this acquisition. There is great synergy between our businesses in terms of culture and client base as well as geographic footprint, and this acquisition reflects our confidence not just in Sarnia Yachts but in the potential of the yacht services market more broadly.  

“ Sarnia Yachts is a highly regarded business and its services dovetail perfectly into our existing portfolio, enabling us to expand our offering in this space. We are delighted with the prospect of gaining such a fantastic team of seasoned and knowledgeable professionals to support our growth plans. ”

Sarnia has a global client base of owners, trustees, family offices, lawyers and brokers serviced from its offices in Guernsey, Malta and the UK. 

It provides a diverse range of services, including yacht ownership, yacht management, crew management, yacht insurance support, and ownership administration and support for family offices on yacht-related services.  

Mr Joyce   added :  “ We have been working with Praxis as its regulated partner in Malta since summer 2022 and the firm was selected based on its extensive knowledge of yacht ownership and registration. As such our people are well known to each other making this a very natural fit and an exciting development.  

“ Joining forces with Praxis will give our employees and clients access to an expanded network of services, expertise and support, and reinforce our mission to deliver comprehensive first-class global solutions for superyacht owners. Praxis’ locations in Malta and the Caribbean will provide a network of offices in all the key yachting jurisdictions. ”

Pictured (top): Rob Fearis (left) and Tim Joyce.

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

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Sarnia Yachts acquired by Praxis

Sarnia Yachts has been acquired by private wealth and corporate services provider Praxis. Following the transition, majority shareholder and Sarnia Yachts CEO, Tim Joyce (pictured right) will retire after 16 years with the business.

The yacht ownership and management service provider’s current employees will join the Praxis teams in Guernsey, Malta and the UK. Joyce said that this will give employees and clients access to a network of private wealth and corporate services, expertise and support that Praxis provides.

“ Joining forces with Praxis reinforces our mission to deliver comprehensive first-class global solutions for superyacht owners ,” said Joyce. “ Praxis’ locations in Malta and the Caribbean will provide a network of offices in all the key yachting jurisdictions.”

Joyce added that Sarnia Yachts has been working with Praxis as its regulated partner in Malta since summer, 2022. “We chose them based on their knowledge of yacht ownership and registration. As such our people are well known to each other, making this a very natural fit and an exciting development,” he said.

Founded in 1972, The International Sock Exchange (TISE) listed Praxis is an owner-managed group of companies. With more than 400 employees across 15 jurisdictions, company CEO, Rob Fearis (pictured left) said acquiring the experienced Sarnia Yachts team will accelerate the firm’s plans for further growth.

“ Sarnia Yachts is a highly regarded business, and its services will dovetail perfectly into our existing portfolio, enabling us to expand our offering in this space,” said Fearis.

“ There is great synergy between our businesses in terms of culture and client base as well as geographic footprint and this acquisition reflects our confidence not just in Sarnia Yachts but in the potential of the yacht services market more broadly.”

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Guernsey yacht ownership experts expand their team

One of Europe’s most long-established yachting fiduciaries is growing its team in Guernsey and Malta.

Sarnia Yachts Guernsey has appointed Sue Guilliard as Group Head of Operations and Claire Lawrence as Client Relationship Manager. Meanwhile in the relatively new Malta office, Caroline Zammit joins as Finance Manager.

The company says the expansion will help them keep pace with business growth.

Alasdair Milroy, Managing Director of Sarnia Yachts Guernsey and Group CEO, said: “Yacht ownership is a specialist asset class, requiring expertise in corporate services, yacht accounting and administration solutions as well as MLC-compliant crew employment and payroll services.”

“The demand for these specialist services continues to grow and we are very pleased to be adding to our capabilities and strengthening our teams in Malta and Guernsey.”

Based in Guernsey, Sue brings more than 30 years of experience in financial services including 12 years’ experience at board level working with ultra high net worth individuals.

Claire will be responsible for a global portfolio of yachting clients and draws on 18 years of experience working with high net worth individuals.

In the Malta office, Caroline will strengthen the company’s accounting and VAT services. She is an ACCA graduate and has more than 15 years’ experience.

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Luxury superyacht disaster: What we know

Four bodies have been brought ashore, with divers reporting they had seen a fifth.

The body of British technology tycoon Mike Lynch has been recovered from the wreckage of a luxury yacht that sank during a storm off the coast of Sicily.

Tributes have been paid to the ‘British Bill Gates’ who has been described, as a “genius” and a “giant of a man.”

Mr Lynch’s 18-year-old daughter, Hannah, reportedly remains missing.

The Italian Coastguard confirmed to the PA news agency that the sixth and final person yet to be found was a woman.

The body of the fifth missing person in the yacht’s wreckage was returned in a blue body bag to the port of Porticello on Thursday morning.

Mr Lynch, his daughter, Morgan Stanley International bank chairman Jonathan Bloomer; his wife, Judy Bloomer; Clifford Chance lawyer Chris Morvillo; and his wife, Neda Morvillo, were lost when the Bayesian sank at around 5am on Monday.

On Thursday afternoon, the family of Jonathan Bloomer and his wife Judy confirmed the couple’s death.

In a statement, they said: “Our parents were incredible people and an inspiration to many, but first and foremost they were focused on and loved their family and spending time with their new grandchildren.

“Together for five decades, our only comfort is that they are still together now.”

The luxury vessel was moored half-a-mile off the coast of Porticello when it sank around 5am local time on Monday.

– Who is involved and why were they there?

Authorities have so far discovered five missing bodies, with one person, believed to be Hannah Lynch, still unaccounted for.

Hannah had recently finished her A-Levels and was bound for Oxford University in September.

Also confirmed dead are Jonathan Bloomer, chairman of Morgan Stanley and insurance company Hiscox, and his wife, Judy, a respected psychotherapist.

Chris Morvillo, a lawyer from Clifford Chance and part of the legal team representing Mr Lynch had been unaccounted for, along with his wife, Neda, who reportedly runs a luxury jewellery line.

The body of a man was recovered near the yacht on Monday, believed to be that of chef Recaldo Thomas, a Canadian-Antiguan man working onboard.

Fifteen of the 22 people onboard – including Mr Lynch’s wife, Angela Bacares  – were rescued after escaping onto a lifeboat.

Among others rescued were Charlotte Golunkski and her one-year-old daughter Sophie. The brave mother kept her daughter alive by holding her over her head while she was in the water.

– How did the boat sink?

Italian authorities have reported bad stormy conditions that caused the yacht to sink, but investigations into the exact circumstances of the tragedy remain ongoing.

It is believed the luxury vessel may have been hit by a water spout, a rotating column of wind that forms over a body of water and is often likened to a tornado.

According to the US National Ocean Service, tornadic weather spouts have the “same characteristics” as a land tornado and are often accompanied by severe thunderstorms, “high winds and seas, large hail, and frequent dangerous lightning”.

Rescue divers re-entered the sunken vessel on Thursday in an attempt to find the final body.

Fire crews from Italy’s fire service Vigili del Fuoco said they had been accessing the vessel through natural entrances, without making openings.

Remote underwater vehicles are being used, with naval units and cave divers also taking part in the search.

Authorities will now attempt to piece together the circumstances surrounding the ship’s sinking.

According to The Guardian, an investigation will be carried out under the supervision of public prosecutor of Termini Imeresi.

The local port authority has opened a separate investigation to determine whether the crew took safety measures.

A team of four British inspectors from the Marine Accident Investigation Branch (MAIB) also arrived in Porticello to look at the site of the sinking.

The MAIB is looking into what happened because the yacht Bayesian was flying a British flag, it is understood.

The ship’s captain, James Cutfield, was reportedly quizzed by authorities for two hours as they began questioning all crew members.

Speaking to New Zealand media, Mr Cutfield’s brother Mark said his sibling was a “very good sailor” with eight years of experience working abroad on luxury yachts.

– Who is Mike Lynch?

Mike Lynch, the British billionaire and tech entrepreneur, owes his fame and fortune to software firm Autonomy, which he sold to Hewlett-Packard for billions in 2011.

Hailing from Suffolk, he graduated with a PhD from the University of Cambridge. Mr Lynch is married to Angela Bacares, with whom he shares two daughters.

The father-of-two has a reported net worth valued at around  £852 million, according to the Independent.

His business ventures led him to once be dubbed “Britain’s Bill Gates” but also landed him in legal trouble.

Autonomy’s sale was wrapped in fraud claims, and he faced civil action in the UK before being extradited to the United States to face criminal charges.

In June, he was cleared of 15 fraud charges after allegations he inflated Autonomy’s worth.

– What do we know about the Bayesian?

The 56-metre sailing boat was launched by Italian shipbuilder Perini Navi in 2008, according to the company website.

It was once called the Salute, but was later renamed after Lynch’s PhD thesis on statistical theory by mathematician Thomas Bayes.

Media reports suggest the yacht’s owner is listed as Revtom Limited, a company owned by Mr Lynch’s wife.

– Who was Stephen Chamberlain and how is he connected to the situation?

Stephen Chamberlain was an associate of Mike Lynch and stood trial for fraud alongside him after Autonomy’s controversial sale.

Days before the yacht disaster, Mr Chamberlain died after being hit by a car while out jogging.

Relatives of Mr Chamberlain said in a tribute released through police that he was a “much-loved husband, father, son, brother and friend”.

“He was an amazing individual whose only goal in life was to help others in any way possible,” his family said.

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We provide forward thinking solutions for high and ultra-high net worth individuals and families, as well as multi and single family office arrangements.

Forward looking and focused on strategic efficiency, we have the expertise and multi-jurisdictional capabilities to establish and administer thought-through, beneficial and compliant structures, providing the required level of substance for international corporate clients.

With over 50 years’ experience in yacht ownership and operational services, our yacht services division (formerly Sarnia Yachts) is one of the longest standing teams in the yacht sector.

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Praxis looks to expand yacht services offering with planned acquisition of Sarnia Yachts

Global private wealth and corporate services provider Praxis has announced that it intends to expand its yacht services offering with the agreed acquisition of specialist superyacht ownership and operational services business Sarnia Yachts .   

With a pedigree of over 50 years, Sarnia Yachts is one of the longest-standing players in the superyacht support sector, and has a global client base of owners, trustees, family offices, lawyers and brokers serviced from its offices in Guernsey, Malta and the UK. It provides a diverse range of services, including yacht ownership, yacht management, crew management, yacht insurance support, and ownership administration and support for family offices on yacht-related services.

The proposed deal is subject to regulatory and competition authority approvals.

Praxis CEO Rob Fearis said: ‘We are incredibly excited about this acquisition. There is great synergy between our businesses in terms of culture and client base as well as geographic footprint, and this acquisition reflects our confidence not just in Sarnia Yachts but in the potential of the yacht services market more broadly.

Sarnia Yachts is a highly regarded business and its services dovetail perfectly into our existing portfolio, enabling us to expand our offering in this space. We are delighted with the prospect of gaining such a fantastic team of seasoned and knowledgeable professionals to support our growth plans.’

Sarnia Yachts’ 22 employees will be joining the Praxis team, ensuring continuity for the firm’s existing clients and referrers as well as providing access to the extensive range of private wealth and corporate services that the Group provides. Following the transition, majority shareholder and incumbent Sarnia Yachts CEO, Tim Joyce, will be retiring after 16 years with the business.

Tim said: 'We have been working with Praxis as its regulated partner in Malta since summer 2022 and the firm was selected based on its extensive knowledge of yacht ownership and registration. As such our people are well known to each other making this a very natural fit and an exciting development.

‘Joining forces with Praxis will give our employees and clients access to an expanded network of services, expertise and support, and reinforce our mission to deliver comprehensive first-class global solutions for superyacht owners. Praxis’ locations in Malta and the Caribbean will provide a network of offices in all the key yachting jurisdictions.’