A new shared ownership scheme using 42ft-60ft Sealine motoryachts has been launched.

A new shared ownership scheme using a fleet of 42ft-60ft Sealine motoryachts has been launched in the Solent.

Essentially Red, based in Haslar Marina, Gosport, offers an annual six weeks on board a boat that for the rest of the year is used by seven other co-owners. Usage dates are negotiated at the start of the year.

For a 52ft boat, participants would pay £180,000 for five years in the scheme.

Firm director Nicholas Jeffery says the sum is less than the amount by which an identical boat would depreciate in value over the same period, making the scheme better value than owning.

The £180,000, which can be paid through finance deals, covers all maintenance and mooring costs, insurance, cleaning and other ongoing expenses.

Participants also have the use of Essentially Red’s two floating clubhouses at Haslar Marina and a range of water toys.

The company will train novices, provide skippered boats and even pilots to get a customer’s boat in and out of the marina.

Essentially Red plan to open a base in Croatia later this year and hope to introduce a Pearl motoryacht into the fleet as well.

For more visit website www.essentiallyred.com