Integrated marine solutions company Nautic Africa has sold its stake in the Anchor Boat Shop, which holds exclusive rights for Yamaha engine sales in Africa. The Cape Town-based Anchor Boat Shop (ABS) is one of South Africa’s premier boating workshops and suppliers, and a household name in the boating  community.

Nautic Africa is a division of Paramount Marine Holdings, itself a division of the Paramount Group.

Nautic Africa chief executive James Fisher on Thursday confirmed the sale of its stake in ABS to current ABS chief executive Andrew Kennedy. “The Paramount Maritime Holdings shares in ABS were sold to Mr Kennedy who was always a fellow shareholder,” Fisher told IBI. “The PMH group will continue to work strategically with ABS,” Fisher said.

Nautic Africa is in the process of unbundling its stake in South Africa’s recreational boating sector. It is currently finalising the sale of its stake in marine supplier Southern Power and boatbuilding company Austral to a local business consortium. Nautic filed for business rescue earlier this year.

ABS was established over 80 years ago and was the first importer of Japanese-manufactured outboard motors to South Africa. Nautic had hoped to use the shop’s product range and supplier network to grow it small craft division.

In an interview earlier this year, Fisher said unfavourable economic conditions wreaked havoc on the company’s growth strategy. “It is really tough out there,” Fisher told SABBEX.

He said voluntary business rescue, which would not directly impact on the unbundled assets, was aimed at stabilising the Nautic Group and refocusing on its core business of commercial ship building.

Kennedy could not be reached for comment.