Edmiston - The Business of Yachting Yacht Management

Family Office Investor looks at the evolving story of Edmiston and how relationship lies at the heart of this company’s success.

Edmiston is a specialist in the sale, charter, management and new construction of the largest and most important yachts on the water today, and an integral part of the modern superyacht story.

Established in 1996, Edmiston’s pedigree stretches significantly further back. Founder Nicholas Edmiston has been at the forefront of the yachting and brokerage world for some 40 years, leading several of the United Kingdom’s premier marine businesses before striking out alone.

Edmiston & Company’s birth may have coincided with a new generation of superyacht owners, but that was not a coincidence. Yachts had been getting bigger and more sophisticated through the 1980s and 1990s, and Nicholas Edmiston was one of the leading players in helping owners move up through the size gears. Bringing together the best designers

Family Office Investor and builders, he was instrumental in creating what proved to be a legendary flotilla of yachts.

As well as understanding the ambitions of owners, Nicholas also understood that far greater levels of service would be required from the yachting industry. Following the launch of Edmiston’s brokerage business, a yacht management division quickly followed, ensuring that this new

generation of yachts would be properly supported and that owners would be able to enjoy them to the fullest.

Fast forward to 2018 and the red ‘Spreader’ created by Nicholas’ son, Jamie, is now a feature of yachting meccas around the world. Jamie oversaw a sharp rebranding and marketing strategy in 2001, designed to reach new clients and strengthen Edmiston’s position not only as a leader in the superyacht world, but also in luxury travel. In doing so, Jamie has been responsible for a culture shift across the business, and, arguably the wider industry.

“The yachting business is not about hanging around on yachts on holiday. It’s an occasional by-product – and it’s a nice by-product – but it’s definitely the rarity rather than the norm.”

Edmiston today reflects its client base: international, demanding of excellence, and incredibly diverse. The core business of sales, charter and yacht management remains, alongside multiple new build launches and some remarkable refit projects. But Edmiston’s client-focused culture has seen a move towards creating unique experiences to go with the yachts themselves, and an emphasis on that personal touch.

Now CEO of Edmiston, Jamie told Family Office Investor, “You have to be prepared to travel quite a lot. Obviously we’re in a globalised world, and you meet a lot of interesting people on the way. But the yachting business is not about hanging around on yachts on holiday. It’s an occasional by-product – and it’s a nice by-product – but it’s definitely the rarity rather than the norm.”

“The thing that has really changed in the last 20 years is that you can now run a business from a yacht in your swimming trunks. With satellite communications you can do it anywhere in the world. But you can still have quality time with your family, go swimming with your children, and then step into a video conference back on board. You have the ability to balance both.”

“The thing that has really changed in the last 20 years is that you can now run a business from a yacht in your swimming trunks.”

Understanding these shifts in the clients’ expectations is a key factor in Edmiston’s continued success and their ability to adapt to changing tides. The likes of Instagram and other digital platforms also had a huge impact on the size of their potential audience and how the message of their brand was shared.

Challenges will always exist: Hurricane Irma laying waste to popular charter destinations in the Caribbean; the spectre of new international trade deals after Brexit; not to mention the ever-increasing competition in the digital sphere. As Jamie observes: “Digital has arguably made the yachting industry more competitive”.

But the client-based relationships at the industry’s core are the strongest sign that it can weather these figurative and literal storms. “What’s still so, so important is the relationship. Though I wouldn’t say it’s going to prevent disruption in the business, relationships are key, trust is key, and we are in a people business.” Despite countless advancements in technology and the way those interactions take place, “it will never replace the ability to make a very complicated deal happen. Or persuade a client to do a deal, because he trusts you. It’s not as easy to replace the human element,” concludes Jamie. www.edmiston.com

99m Madame Gu

50m Malahne

75 m Eco