This job has either expired or has been withdrawn - applications are no longer being accepted. | Non-Executive Chairman is required for exciting early stage Caribbean based, UK registered ferry co |  | | Recruiter name: | First Flight Placements | | Date posted: | 30 October 2008 | | Job reference: | 1.573 | | Location: | Other Worldwide | | Position type: | Part Time | | Sector: | Travel / Leisure / Entertainment | | Salary Description: | Competitive | | Salary Range: | Competitive |
|  | | Job Description | We are looking for candidates with a successful background in the transport or related sectors, who will be able to make a strategic contribution to the company and add focus and experience to help this company achieve financial success and become a major player in its market. Knowledge of Caribbean infrastructure is not essential but would be beneficial, as would a sound understanding of marketing methods and strategy.
The skills/experience we are looking for:
- experience in early stage, high growth transport businesses.
- understanding of the Caribbean infrastructure, licensing and business methods.
- exposure to fundraising rounds would be an advantage.
- assist in strategic direction of the company.
It will be beneficial if the Non-Executive Chairman wishes to become a shareholder in the Company to align interests with those of the existing Directors who are all shareholders.
1. Business concept:
• Our client, a UK company, was founded to operate a high speed RORO (roll on roll off) passenger and freight ferry in the Caribbean.
• The proposition leverages the growing demand for these facilities by:
o The local indigenous population
o Tourist passengers
o Light cargo and articulated trucks
• Phase One will be between St. Lucia, Martinique, Dominica and Guadeloupe.
• For this route complex our client will operate an INCAT 74 metre Catamaran, with a capacity of 432 passengers and approximately 1,800 cubic metres of cargo or 85 cars. It will travel at speeds up to 40mph.
• Phase Two will be between Antigua, Montserrat and Guadeloupe. This phase will be supported by government subvention for the Antigua Montserrat portion to cover start up and any operating losses as the business is built up. The Antigua Guadeloupe is free standing but benefits from being operated on a marginal cost basis.
• For the phase two route complex our client will operate a KVAERNER FJELLSTRAND 60 metre Catamaran, with a capacity of 450 passengers and approximately 1,000 cubic metres of cargo or 49 cars. It will also travel at speeds up to 40mph.
• On board facilities on both craft include: duty free shopping, bars & food outlets, a children’s play area, black jack & slot machines in the casino.
• Competition currently comes from small craft ferry operators (far slower, much less comfortable and no cheaper) and aircraft operators (less reliable and far more expensive) such as Leeward Island Air Transport (LIAT). No other high speed ferry operators in the region offer a similar service.
• Risks arise from a downturn in the island’s economies and natural disasters. The vessels that our client will use will mitigate against most other commercial risks including fuel.
• There is a huge opportunity to expand throughout the Caribbean, without the need to reduce fares.
• The company is in advanced talks with various banks (including The World Bank) and have, subject to due diligence, arranged senior debt and equity funding.
• The conservative business plan, based upon achievable volumes and rates shows a profit within year 2 of $5.4m (EBITDA $7m) rising to profits of $7.6m (EBITDA $9m) year 3.
• The 1st Round funding which is in progress, and is separate to the ‘founders’ (available to the incoming chairman) round, is expected to generate $11m.
• Exit is planned after 5 years via an IPO or a trade sale.
2. The Market:
• During each of the past 2 years approximately 300,000 passengers have travelled each way between Guadeloupe and Martinique by air and sea.
• At present, 90% of the sea ferry travel is by the local population. There is potential to expand the market to tourists.
• It is anticipated that a total of 350 day voyages will be made annually. The route is leeward side of the islands, and thus partly insulated from extreme weather.
• In excess of 1.25 million people arrive at the four phase one islands per annum.
• Tie-ins with hotel and travel groups will enable tourists to enjoy “two centre holidays” and develop a market for day trips with overnight stays if required.
• Our client has assumed total passenger carryings of 200k in its first year, rising to 300k in year 4. It is further assumed that car traffic and freight cubes will increase during the period.
• The above assumptions show conservative market share and vessel capacity. These targets are capable of being exceeded by some considerable margin.
3. Non-Exec Chairman Requirements:
• A Non-Executive Chairman is required to lead the board, developing strategy through to launch and assist with raising further seed funding.
• It is expected that the role(s) will require approx 2 days a month after the initial start-up phase.
• It will be beneficial if the Non-Executive chairman wishes to become a shareholder in the Company to align the incoming NED’s interest with that of the existing Directors who are all shareholders.
• A Business Plan is available but we will require a signed Self–Certification Statement in order to comply with the current Financial Services and Markets Act (Financial Promotion) Order 2005 (FSA) legislation plus our Confidentiality/NDA form. If you have not already signed these forms we will email them to you.
N.B. This memorandum should not be considered as a recommendation by the Shareholders, the Company or any of their respective subsidiaries, affiliates, representatives, partners, directors, officers, employees, advisers or agents to acquire the shares in the Company, and recipients interested in buying shares in the Company are recommended to seek their own independent financial, legal and other advice.
Our web site is: www.ffplacements.co.uk or www.NonExecutiveDirector.co.uk
*Candidates can be based in the UK or overseas*
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