For Sale

Latchi Marina, Paphos, Cyprus

£199,000

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Damask Gardens, Waterlooville, Hampshire PO7 8QZ

02392 26 24 09

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Description

LOCATION
Paragon Marine Services is based and operates in the beautiful Cyprus harbour of Latchi, approximately 45 minutes drive from Paphos town and its new International airport.
Latchi first made it into the guidebooks in the 1980’s as a backpacker haunt, and today it is one of the few places that still caters for independent travellers. The town huddles round a central plaza that hosts a daily market showcasing the best in local produce. At sunset, the market stalls are replaced with restaurant tables piled high with platefuls of meze and fresh locally caught fish. The nearby Akamas peninsular is an untouched wilderness laced with hiking trails and secluded coves bitten from the pink rock. Offshore the waters are a glassy mosaic of greens and blues that promise some of the best snorkeling and diving on the Island.
Over the last six years, Latchi harbour has been transformed from a sleepy fishing port, and the recently constructed marina now providing berthing facilities for both leisure boats and commercial/ fishing boats is currently 20% oversubscribed. There are plans to extend the number of moorings to in excess of 700 with associated shore facilities over the next few years.
The area has in recent years attracted a growing population of “young retiring” people, or families with young children escaping to the sun – as a result the disposable income in the area has dramatically increased. This is evident in the harbour; with the focus becoming much more on modern sports cruisers, powerboats, and cruising yachts. It is these clients that form the backbone of Paragon Marine's success.

DESCRIPTION
Paragon Marine Services (together with its sister company Cyprus Boat Sales) is, as the name suggests, a marine services company offering a “one stop shop” to any boat owner requiring assistance with their vessel. Paragon Marine Services owns a 16 ton Wise travel hoist, which operates on the two slipways in Latchi Harbour, offering safe and professional lift out and launch services to clients, not only in Latchi, but also around the island. There is only one other purpose built hoist on the island at St Raphael’s Marina in Limassol. Once lifted, scrub-off facilities are available using a powerful 3,000 psi oscillating head pressure washer, then safe block up facilities on telescopic adjustable props. The company carries full insurance to operate the boat hoist, and to cover the workmanship involved in blocking up the vessels.There is currently no other operator offering this sort of facility in this part of the island. A range of additional services are also offered including mechanical repairs, servicing, valeting, gardinage, brokerage, and a fully stocked chandlery. The company is licensed to operate and VAT registered in Cyprus.
This business would suit a “hands on” owner / operator, assisting current staff with their duties, and putting their own stamp on the business, whilst providing them with a potentially good living for a minimal investment.

ACCOMMODATION
The business operates from a rented office/ retail unit at the heart of the marina complex. and is the sole marine services licencee within Latchi Habour with use of the marina's two slipways and hard standing.

AMENITIES
The company owns the following fixed assets:-
16 tonne Wise travel hoist
Massey Ferguson 399 4 wheel drive tractor
Mitsubishi L200 Crewcab pick up
Storage Container - 40'
Seaswirl 2601 Walkround power boat (2004)
Stirling Sabre 27' motorboat
Diesel jet wash ( 3,000 psi oscillating head)
Steel adjustable boat props x 90
Storage Container 40'
Petrol generator
Heavy duty air compressor
Assorted hand tools
Computers and office equipment
Chandlery Stock

SERVICES
Boat lifting, scrub off, storage, gardinage, brokerage, chandlery.

Paragon Marine Services has an extensive customer database that will be passed on to the new owner. The office is viewed as a ‘one stop shop’ centered on the brokerage and chandlery business, and the ability to carry out all aspects of boatyard work on a customer's behalf. The current customer profile is mainly made up of young retired or semi-retired residents, many being British 'ex pats', with an increasing number of local Cypriots.

TERMS
The business of Paragon Marine Services Limited and Cyprus Boat Sales Limited (both Cyprus registered companies) is offered for sale together at EURO 250,000. The price has been based on 18 months of trading, the asset value of the equipment owned and the future potential of the business. The business is asset rich, and debt free, and the sale includes the current office lease, all marketing resources including all trading names, logos, two active websites, brokerage boat stocks, telephone numbers, mailing lists and client records.

VIEWING
By arrangement with the Vendor's agents Waterside Properties Commercial.
Contact Paul Simpson Tel: 01273 622007 - email: paul.simpson@watersideproperties.com

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