sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery

 

Sail-World.com : A sad day for Najad as economic decline claims another victim

A sad day for Najad as economic decline claims another victim

'68-year-old Jeanne Socrates on Nereida, her Najad 38, in which she became the oldest woman to solo circumnavigate the world'    .

One of the best known names in international boat building for the last forty years has fallen victim to the economic downturn across the Western world. Swedish boat-builder Najad (Najadvarvet AB) has announced that it has submitted a petition for bankruptcy in the District Court at Addevalla, and the court has declared them bankrupt.

The CEO of the company, Mikael Gustavsson, blamed a major liquidity crisis, weak sales, long-term decline in boat demand and ongoing difficulties in financial markets around the world for its demise. He said, 'It is a very difficult and sad day for everyone at Najadvarvet AB, including employees, customers, suppliers and partners.'

More than 2,000 yachts have been launched under the Najad and Maxi brand names in the company's 40-year history. In the last few years, Najadvaret AB has developed and manufactured yachts under the trademarks 'Najad' and 'Maxi Yachts' at the factories in Henån and Åmål.

Most notably, British solo sailor Jeanne Socrates used a Najad 38, Nereida, in her circumnavigation of the world which made her the oldest woman ever to achieve the feat.

For more than 35 years the business was successfully run by founder Berndt Arvidsson, who sold the company in 2006 to a Dutch owner, Alfred van Wincoop.

In 2009 the company was saved from bankruptcy by Animatrix Capital LLP but despite a substantial cash injection and increased efficiency, boat sales were still lower than hoped and orders and prospects for the rest of 2011 were very weak. Mr Gustavsson said they were powerless to prevent bankruptcy happening this time around.

He added: 'We have turned every stone in our attempts to avoid this situation. Today, our last efforts have failed. The parent company is insolvent and therefore has to file for bankruptcy.'

The board made the decision at the time of the year when all orders have been delivered to customers so that ‘a minimal number' will suffer bankruptcy.

The company has issued a formal statement, which reads:

'During the last 21 months, the new principal owner, Animatrix Capital LLP, has contributed substantive funds to the company. Less than 9 months ago, a major effort was made through a new, reinforced management. The new management has accomplished extensive increases in efficiency and rationalization of the company's business operations. From the time of the Open Yards 2010, the company has managed to sell 42 boats, whereof 25 were new. However, during the spring of 2011 the sales have reduced substantially and the outstanding orders and prospects for the fall of 2011 are very limited.

'The commitment of the employees and their will to contribute has surpassed all our expectations. Despite this commitment to save the company, the misguided ventures during 2006-2009 have caused the company severe and irreparable damage. 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.

'It is a very difficult and sad day for everyone at Najadvarvet AB, including employees, customers, suppliers and partners. We have turned every stone in our attempts to avoid this situation. Today, our last efforts have failed. The parent company is insolvent and therefore has to file for bankruptcy', writes Mikael Gustavsson, managing director and group chief executive for Najadvarvet AB.

'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. All of the company's very skilled employees have received their salary for July and the statutory wage guarantee ought to enter into force as to cover the salary payment in August.

'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' says Hans Johansson, chairman of the board of Najadvarvet AB.'




by Des Ryan

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=87044

9:17 PM Tue 9 Aug 2011 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


News - USA and the World

























America's Cup: Challenger calls Competitor Meeting ahead of deadline *Feature by Richard Gladwell Sail-World.com/nz,










































Vestas Sailrocket 3 - The journey beckons
Clipper Round the World - London to provide emotional heroes welcome
ISAF Youth Worlds - Italians to lead RS:X fleet in Tavira
Vestas Sailrocket 3 - Over the Horizon
Foiling Week - Italian Moth Championship - Final results
NYYC Race Week - Yachting history on display
Rescued sailors reach shore after dramatic ocean rescue
Half Ton Classics Cup: Swuzzlebubble out front on Day 1 + Video
New York Yacht Club Race Week - Yachting history on display
Volvo Cork Week - Thrilling conditions welcome international fleet
Nacra 17 Europeans: Success for Italy's Bissaro and Sicouri
America's Cup: 2017 venue short-list reduced to two Cities
Formula Windsurfing Youth and Master Worlds overall
49er and 49erFX Europeans: Pitfalls aplenty on day 1 + Video
ISAF Youth Worlds - Laser Radial sailors look to join list of legends
Coville soon to chase solo circumnavigation record in giant trimaran
Fierce competition at the Meanline Fins Slalom Challenge
Volvo Ocean Race - Team Brunel opt for experienced winner
Bakewell-White supermaxi designed to take Transpac's Barn Door Trophy *Feature
Crew rescued by navy patrol from J/111 racer after Mayday in storm
Team Alvimedica practice in Newport, RI - Photos   
18 foot skiff European Championship (Open Europeans) - Final results   
Nacra 17 European Championships - No action on day 1   
ISAF Youth Worlds - 29er and SL16 sailors prepare for battle + Video   
Volvo Ocean Race: Eight new crew members named by teams   
Volvo Ocean Race: New additions to Spanish team announced   
2014 Cape Panwa Hotel Phuket Raceweek - Phuket Island is ready to host   
PWA Awaza World Cup - Cyril Moussilmani and Delphine Cousin on top   
Foiling Week - Moth Class Italian Open Championship Day 2   
America's Cup: Luna Rossa foiling in AC45s at their Italian base   
Star World Championship - Germans claim dramatic win in Malcesine   
PWA Awaza World Cup - Down to the wire in Turkmenistan   
Route Halifax Saint-Pierre - Off to France!   
Nacra 17 Europeans - La Grande Motte back in Olympic classes arena   
Stena Match Cup Sweden - Hansen hat trick in Marstrand + Video   
Route Halifax Saint-Pierre Race keeps an eye on Arthur   
World Match Racing Tour: See the Finals replay at the Stena Match Cup   
Newport International Boat Show unveils exciting 'At The Helm' Program   
Stena Match Cup Sweden - First blood to Hansen over Canfield + Video   
Star World Championship - Americans claim race win in Malcesine   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT