A very sad day for Swedish boatbuilding as 40-year old traditional yacht manufacturer Najad is declared officially bankrupt.
With regret Yachting World received a press release today, Tuesday 9th August 2011, stating that the District Court of Uddevalla, Sweden, has declared Najadvarvet AB bankrupt. The company gained a prestigious reputation during its 40 years of manufacturing, with over 2000 pedigree cruising yachts to its name. But Najad’s statement reports that the “company has suffered a major liquidity crisis due to its weak sales, misguided ventures of its former owner as well as the long-term decline in demand in the boat industry and the on-going difficulties on the financial markets around the world.”
Najad’s future had been looking rosier over the past two years, thanks to an injection of funds from its current UK-owner Animatrix Capital LLP who own 90% of the company plus the formation of a new Swedish-based management board. But the release went on to explain how “due to old disputes and conflicts with third parties as well as other problems, the extensive injections of capital have not been sufficient to save the company. For several years now the market segment for prestige yachts on the international market has for been characterised by strong competition, downward pressure on prices and poor profitability. During the spring of 2011 the market continued to deteriorate, and due to this it is no longer possible to run a profitable business. Therefore, the board of Najadvarvet AB sees no other solution than to file for bankruptcy.
“The decision was taken by the board at a point in time during the year when all sold and manufactured boats have been delivered to the customers, which means that a minimal amount of customers will suffer from the bankruptcy. The debts due to suppliers are at the lowest point of the year.”
Chairman of the Najadvarvet AB board Hans Johansson closed the statement by saying “It is our hope that the efforts employed during the last period will lead to a continued operation of the entire or at least parts of the business”.