The key yachting announcement at the 2018 London On-Water Show was the launch of the Britannia Yachts brands by the Discovery Yachts Group (DYG). The first vessel in the new brand will be the 22.5m (74ft) Britannia 74.

The new model, which will be one of a planned series of different models, is said by DYG fill a gap in the market that was identified by Sean Langdon, group managing director. He has designed the Britannia 74, which is described as being reminiscent of a bygone age but with all the convenience of modern-day yachting.

“There was a gap in the market between what Spirit offers in terms of classic yachts and our own modern luxury market,” he commented. “The Britannia will sit firmly between these two markets as a classic yacht with all the benefits state-of-the-art technology has to offer. And you do not need a vast crew to sail her.”

The basic asking price for the Britannia 74 will be £3m. DYG is due to start tooling on the project in the next few weeks with the keel due to be starting to be laid in August or September. The aim is to globally launch the new yacht at the 2019 Southampton International Boat Show.

To help fund the Britannia 74 project, DYG undertook a crowdfunding initiative which set out to raise £750,000 but actually brought in £2.25m. “We now have 408 new shareholders,” Langdon told IBI. “We recently held a dinner at Ocean Village which included 20 owners, 40 workers and 80 new shareholders. The money raised is being used for the Britannia 74 project and also our new Bluewater 60.”

Alongside the £3m single yacht purchase price for the Britannia 74, DYG is also marketing a syndicated ownership option. DYG has in place all the necessary agreements to set up a tax-efficient limited company for a six-year period. This affords the opportunity for more people to have part-ownership of a yacht, fully crewed for £600,000.

DYG describes this as “the perfect solution” for those who are cash rich but time poor as this scheme affords owners plenty of luxury sailing with none of the hassle of maintenance or securing first-class crew.

Discovery was one of the bidders for the Oyster brand which recently went through administration before being bought by a competing bidder. DYG is in expansionist mood which follows a management buyout last year and the purchase of the Southerly brand. This was added to the existing Discovery brand and since then the group has launched the Bluewater brand followed by Britiannia Yachts.

Landgon told IBI: “We are actively looking for another brand, a motoryacht brand. We are also looking for new build sites. We have two short-term ones but we are also negotiating over two long-term possibilities. These sites are not all in the Solent area.”