TBS Boats embraces
cryptocurrency in boat sales
TBS Boats, a well-established broker in the marine industry, has recently ventured into the world of cryptocurrency, marking a notable step in modernising its sales approach.
Based on the River Thames in Chertsey, Surrey and at Mercury Marina in Hamble, and a leading dealer for luxury brands such as Sealine Yachts, RYCK, Cranchi Yachts and Quicksilver, TBS Boats has been in operation since 1998 under the ownership of lifelong boating enthusiast and British Marine member, Chris Manners.
The company’s leap into cryptocurrency sales was prompted by a customer, Giles Whitby-Smith, who proposed paying for a portion of a new Sealine 28 yacht using Bitcoin. Whitby-Smith, the founder and CEO of Bitcashier, has a background in cryptocurrency trading and investment banking, and his familiarity with both digital currency transactions and the leisure marine industry made him an ideal pioneer for such a transaction.
For Chris, cryptocurrency was a new concept, and he approached the idea cautiously. After seeking financial advice from his accountant, who carefully outlined the risks and benefits, Chris decided to proceed. The sale involved two Bitcoins, valued at £25,000 each, as part of the total payment for the boat.
Bitcoin - the most widely recognised cryptocurrency and the first to be introduced - operates as a decentralised digital currency, enabling secure peer-to-peer transactions without the need for intermediaries like banks, resulting in lower transaction fees and immediate, secure payments. Consequently their usage is on the rise across various high-end industries, including marine brokerage and charter. While not officially recognised as legal tender in the UK, cryptocurrencies are subject to taxation and some financial regulation.
Initially, Chris had concerns when the value of Bitcoin dipped shortly after the transaction, fearing he might have made too risky a decision. However, with guidance from his accountant, he opted to hold onto the cryptocurrency, and simply recorded its value as a company asset. Over time, the value fluctuated but ultimately reached a peaked in June this year. Chris sold the Bitcoin at a profit, confirming that the venture into cryptocurrency had been a smart move.
Reflecting on the experience, Chris offers advice to other business owners: "Only financially stable businesses should consider accepting cryptocurrency. It’s also essential to have the right systems in place to ensure you receive the precise value agreed at the time of the sale. The overall process is very transparent, but it's important to understand the risks."
While the marine industry has traditionally been slow to adopt new technologies, Chris believes that cryptocurrency could offer a unified and simplified way of handling transactions, especially for international deals that can involve multiple currencies. He also notes that many customers are increasingly tech-savvy and already comfortable with using cryptocurrencies and other non-traditional financial services.
Looking to the future, Chris encourages other leisure marine businesses to explore the potential of cryptocurrency. "From an industry-wide perspective, there’s a long way to go, but our customers are forward-thinking, and we need to be ready for that. I wouldn’t have taken this step without the support of Giles, but it has proven to be a worthwhile move. I’d urge other businesses to consider it."
TBS Boats’ successful foray into cryptocurrency sales highlights the potential for digital currencies in the luxury market and could pave the way for further innovation in the boating industry.
Article first published, Autumn 2024
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