Borrow A Boat acquired by CEO Matt Ovenden and investors

United Kingdom
26th June 2023

Borrow A Boat acquired by CEO Matt Ovenden and investors

Borrow A Boat, the UK boat rental and yacht charter marketplace with more than 45,000 boats in over 65 countries, has been acquired by its CEO and founder Matt Ovenden, plus a group of investors.

The company is keen to reassure its customers that trading is continuing uninterrupted.

Borrow A Boat Ltd entered administration in March 2023, and Ovenden’s new company The Boat Engine Ltd has now acquired the business and assets of Borrow A Boat in a pre-pack process, but not the financial liability associated with the charter firm.

A pre-pack process is an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of the administrator, and the sale contract executed on the appointment of the administrator or very shortly afterwards.

The 19 employees of Borrow A Boat have been transferred to The Boat Engine Ltd, and the business’ approximately 3,000 original crowdfunding benefactors will also be brought over to the new entity.

Ovenden said:

Since 2017, Borrow A Boat has raised millions of pounds in investment, with £7.8 million coming from crowdfunding.

In previous years, Borrow A Boat acquired HELM, Barqo and Beds on Board, after successfully raising £1.5 million. This also enabled it to expand into the US, Canada, Australia and New Zealand.

HELM has now been re-acquired by the company’s founders, Peter Harrison-Hill and Simon Morgan.

About Borrow A Boat


No comment yet.

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertise with M&M 
Follow us

To stay up-to-date with Marine & Maritime Opportunities, follow us on social media.