Paget had revived a scheme to make the River Trent navigable between Burton and Wilden Ferry, in Castle Donington.
Hayne was to pay £10 a year for the 31-year lease and went into partnership with Leonard Fosbrooke, a carrier based at Wilden Ferry.
Hayne, with his partner, operated the navigation as a strongly defended monopoly, causing discontent among merchants and encouraging interloping.
He died in 1723 and the lease, and the navigation rights passed to his brother Henry and business was continued as the "Burton Boat Company".
After the opening of the Trent and Mersey Canal and the Napoleonic blockade of Continental trade the Boat Company were unable to compete and closed the navigation in 1805.