Boat builder Sealegs heads into commercial waters

By PETER GRIFFIN

The first batch of boats from listed amphibious boat builder Sealegs has rolled off the production line and into the water.

Millionaire entrepreneur Richard Izard is one of the first buyers of the 5.6m Sealegs inflatable boat, which has retractable wheels allowing it to be driven into the water.

He will use it for fishing trips on Lake Taupo, where he can drive the boat to the lake shore from his nearby house which is "300m uphill from the water".

"Afterwards I just drive up to the ramp, put the undercart down and drive back up to my house."

Izard said Sealegs had a boat that could sell well overseas.

"There's no doubt about it, they've a tiger by the tail, and I know a bit about that kind of thing."

The Northlander made his fortune from a Wellsford business making tungsten-tipped circular saw blades, eventually capturing 40 per cent of the United States home handyman market. Izard sold the business about 10 years ago.

He is impressed by the design of the boat.

"They've done a hell of a good job of the hydraulics. And the drive system is brilliant."

At around $98,000 including trailer, the luxury boat market is in Sealegs' sights.

"It's not going to be a cheap toy but it's got a huge potential market," said Izard.

Others in the first batch of boats would be delivered to Australia and US-based buyers.

Sealegs chief executive David McKee Wright said Sealegs aimed to produce 30 boats next year. He was unfazed by the collapse in negotiations to form a joint venture with a Dubai company.

"We were delighted it only took three weeks to sell the first 12."

Sealegs would try to raise money later this year and was considering doing so through the issue of shares.