In the year 2021, Chris Gates founded SETAG to fill a gap in the pre-owned yacht market. After a 33-year career at Princess Yachts, he saw an opportunity to deliver new boat quality at pre-owned prices.

In the piece below, he reflects on our journey, what we’ve achieved and where we’re heading.

From Apprentice to CEO: Chris’s Journey

In my career, I went from Technical Engineering Apprentice to CEO. During my 33 years at Princess Yachts, I grew the company from a £30 million to a £340 million business, with a workforce swelling from 400 to 3,300 people and by the early 1990s we had implemented the business systems to enable us to build 1,000 boats in a single year. Then in 2007, I led the process of its purchase by the LVMH group.

Looking back on my much loved time at Princess, I would say that growing the company amidst the turmoil following the financial crisis surrounding Lehman and the subsequent global recession (where we were the only significant player in the industry to avoid a serious decline) was probably my greatest achievement.

So, when I stepped back in 2019, reducing my involvement to a part-time advisory role, it was with the hope of enjoying some time in the garden after three decades building Princess toward record sales and profitability, with a strong product range and the world’s strongest dealer network.

However, the easy option would have been to retire…

Chris portrait

Seeing the Opportunity

But during this unprecedented period, as Brexit loomed and Covid-19 swept across the globe, I had time to reflect on our industry and spotted a real gap in the market.

Yacht sizes and costs had increased (the typical pre-owned yacht now ranges from £300,000 to £5 million), but until five years ago, there was no qualified service giving total confidence in full renovation and refurbishment of pre-owned yacht, like the service available in the Mega-yacht market.

That’s where SETAG comes in  – a company that delivers new boat quality at pre-owned prices. And no one else in the industry can do that.

How SETAG Was Born

SETAG was launched in 2021, built on a foundation of deep industry expertise and long-standing professional relationships. Drawing on a network of world-class talent developed over many years, we brought together an exceptional team of specialists—creating something truly unmatched in the sector.

Our strength lies in a comprehensive understanding of every stage involved in crafting the world’s finest motor yachts. Members of our team have held leadership roles at some of the largest boat companies globally and have been instrumental in shaping their design and development processes. This expertise is further enhanced by a collective of highly skilled tradespeople, whose combined experience exceeds 200 years in yacht building. The result is a rare blend of strategic leadership, technical mastery, and hands-on craftsmanship—making SETAG uniquely positioned in the industry.

We started off in Plymouth without an office. Our first project set the tone for everything we would go on to achieve, and the rest has been history.

Discover Our Story

Celebrating Five Years of Growth

Since launching, SETAG has grown from a small team in Plymouth working on its first boat to a fully established operation with a world-class workshop and, as of 2025, an international presence in Denia, Spain.

In just five years, we have successfully delivered over 100 projects, built an exceptional team and developed facilities that stand among the finest in the industry. Most rewarding of all, is the transformation we bring to each client’s yacht – restoring to a standard where the yacht looks, feels, and performs as impeccably as new.

Key milestones over the past five years:

  • Completed over 100 diverse projects, from small upgrades to full-scale refits exceeding £1 million
  • Built a team with decades of design, craftsmanship and engineering expertise, ensuring every project exceeds client expectations
  • Opened a facility in Denia, Spain, to serve international clients
  • Developed the SETAG standard, synonymous with new boat quality at pre-owned prices
Yacht refit of a Princess 72 saloon

Projects That Make a Difference

SETAG has worked on yachts of all sizes, with projects tailored to meet each client’s unique needs.

Our clients come in all shapes and sizes, but they all want the same thing: confidence in their boat and the feeling of a brand-new yacht. Once they see what we can do, they’re blown away at the value and quality we deliver.

Explore Our Projects

Sustainability at the Heart of Our Work

Sustainability is increasingly important in our industry and we’re proud to lead the way. There’s a proportion of the world looking at sustainability, and we can offer that through our process.

Recycling materials from the original yacht is the biggest step you can take in sustainable refurbishment. Beyond that, we provide clients with eco-friendly materials and technologies, helping reduce the environmental impact of their boat without compromising on design or performance.

Sustainability at SETAG
Materials on a shelf next to a plant

Looking Ahead: Trends & Vision

We stay at the forefront of current trends, fashions and the latest technology, including stabilisation and silent running – which are two very popular requests.

Looking ahead, we plan to continue growing steadily, driven by customer demand. We’re ready to expand facilities wherever needed while maintaining our focus on quality, innovation and client satisfaction. Every project should give clients the confidence that they’ve achieved new boat quality at a fraction of the price. That’s the SETAG promise.

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Services

At Setag, bespoke truly means bespoke. Whatever your requirements, we have the expertise at hand to ensure your refit perfectly reflects your vision.

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  • Yacht Expertise

Our Team

SETAG is founded on a deep-rooted knowledge and understanding of every stage of the process of creating the best motor yachts in the world.

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Yacht Refit

One of the most common questions we are asked by potential clients is what we mean exactly when we talk about offering a refit service for yachts. There is a false impression about yachts that they only require a refit if they are on their last legs and are barely seaworthy. This simply isn’t the case.

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With SETAG, you can make a huge difference when you buy something secondhand, maybe a bit tired and then you put all of this beauty in it and you create what effectively is a brand new boat. Completely to your own liking, your own standard...creating the perfect boat for us.
Delighted SETAG customer - Squadron 42 owner
Brilliant concept...new boat look and feel at pre-owned prices - by the industry experts. Recycling at its best!
Briony Newington - Founding Partner, Fairline Yachts.
The great thing is, none of this is off the shelf - I love this boat and now she’s got her frock on...this is the best money I've spent.
Delighted SETAG customer - Princess 61 owner
If you want to redefine, refit and remaster your boat who better to do it than the people who designed it in the first place? "What a fantastic idea!"
Miles Morehouse – Marketing Director, Fairline
We cannot recommend the SETAG team highly enough. If you love your current boat, then for a fraction of the cost to change it, have it SETAG’d. The SY branding certainly helped us obtain a premium price. We got what we paid for her in 2017 plus what we spent with you!
Delighted SETAG customer - Targa 50GT owner
I have worked with Chris for over 30 years and I’m pleased to see him develop his own brand - along with likeminded people with industry-leading expertise. The future is bright for Setag Yachts and pre-owned yacht owners, who can now refurbish their vessels to today’s - or even tomorrow's standards.
David King - Founder, Princess Yachts.
That has been one of the key selling points for us – having that personalised service and having a boat that is unique to us – is standout in its own right. We are pretty blown away…very very pleased. I think it’s fabulous…it has transformed the boat.
Delighted SETAG customer - Targa 47 owner
The perfect way to open up a new market: the "true reflection of luxury". Setag gets it: simplicity and personalisation are key – with the depth of knowledge to deliver.
James Barke – Managing Director of Boats.co.uk
Setag are probably the only company who can carry out all the tasks as a ‘one stop shop’. Other yards were reluctant to price work and needed to subcontract many tasks meaning higher costs and longer lead times. If you are in any doubt speak to Chris and his team, they know boats like no one else.
Delighted SETAG customer - Princess 460 Owner
We have been waiting for this quality of service: a comprehensive, professional refit that we can rely on – because of the pedigree of its staff, with over 200 years' experience in our market.
Christopher Head – Group Sales Director for Sunseeker London Group
You have put Princess magic into our beloved Broom.
Delighted SETAG customer - Broom 370 owner
Never have I come across a more able collection of professionals in this market. We have complete trust in Setag, since its team has been in the business for as long as we can remember. We're very excited to welcome this specialist refit company into our portfolio.
Colin Capewell - Managing Director of Princess Motor Yacht Sales

Testimonials

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