It has taken until this year (2002) to bring Laurent Giles to an arbitration, the result was that the arbitrator said that Laurent Giles were entirely at fault and judged in favour of Frances and Peter he awarded them compensation and costs amounting to almost 200,000.00 GBP. During the arbitration it was found that laurent Giles were not insured and they had taken all the company assets including the name. It was also found that they had been taking money from Sail and Steam at the same time as they were charging the Tate´s as their customer.

EXTRACTS FROM THE FINAL REASONED AWARD. IN THE MATTER OF ARBITRATION BETWEEN. PETER AND FRANCES TATE AND LAURENT GILES LTD. HELD IN THE ARBITRATORS OFFICE, GLASGOW,SCOTLAND. Page 40. paragraph 2. In particular, I believe that the respondents were negligent in the production of their design, specifically the weight tables upon which it relied. I believe they were in breach of contract in respect of the 4´ft10ins specified draft which was not achieved and I do not believe they exercised reasonable skill and care in and about the preliminary design work-and the preparation of the design proposal-and the subsiquent design of the yacht. Page 41 paragraph 6. Clearly, with arithmetic error and the gross underestimates in the respondents weight tables, which at the hearing were admitted by the respondents, these factors alone go a long way to explain why the vessel sank well below her intended waterline and show, at least, a lack of care by the respondents. Page 42 paragraph 4 After hearing the evidence from Claimants, I am convinced that the yacht they finished up with fell far short of what they had hoped for and I am convinced that this was primarily because of the respondents negligence in design of same. Page 47 I award interest compounding annually at 2% above Bank of England base rate on the sum of 115,000 GBP from 1st January, 1996 until paid. Costs. I further award and direct that the respondents shall repay to the claimants my fees and expences for this Abitration and award; which total 9,600.00 GBP plus V.A.T., or 11,280.00. GBP. which have been paid in full to me, together with the Claimants costs of the Arbitration, to be taxed, (if not agreed), by a costs Assessor, to be selected by me from the Costs Panel of the Chartered Institute of Arbitrators, such costs to be met by the Respondents. Signed Bruce L Smith Sole Arbitrator. Claimants costs another 35,250.00 GBP Total award approximately 200,000.00 GBP. A FULL COPY OF THE ARBITRATORS AWARD IS AVAILABLE ON REQUEST.