Bavaria Yachts says it is hoping to announce new investors in July after going into self-administration last month
22 May 2018
Bavaria Yachts says it has already had interest from potential investors, and hopes to make an announcement in July.
In a statement, the German yacht builder said production had ‘stabilised’ at its Giebelstadt yard, and it was continuing to take new orders and deliver new boats.
‘More than 30 yachts have left the shipyard over the past two weeks and have been handed over to customers,’ said the boat builder.
‘All 600 employees are on duty, and agreements were reached with all major suppliers for further delivery against short payment terms,’ it added.
‘The objective is to be able to present an investor in July 2018.’
The 2019 edition of the London Boat Show has been cancelled by British Marine because of a lack of support
There was widespread surprise when Bavaria announced it was going into self-administration last month.
The self-administration move allowed the firm’s management to remain operational while the business is re-organised
It only affected operations at Bavaria’s German operations. Nautitech – Bavaria’s catamaran arm – was unaffected.
Restructuring expert, Dr Tobias Brinkmann, who was appointed to find new investors, said: ‘We are continuing the operation and want to go into the coming order season with a new investor.
‘The first expressions of interest have already been received, and we are also actively approaching potential investors,’ he added.
24 April 2018
Bavaria Yachts has confirmed that it is now in self-administration, allowing the management to remain operational as it seeks new financial backing.
The move only affects Bavaria’s operations in Giebelstadt, Germany. Nautitech – Bavaria’s catamaran arm – remains unaffected and trading, delivery and after sales service at its base in Rochefort, France continues as normal.
600 workers are being kept updated, and their salaries and wages are secured by bankruptcy pre-financing until June 2018. Boat production and deliveries will also continue until then.
‘In the current situation, we want to supply our customers with the usual high quality,’ stressed Bavaria’s chief operating officer, Erik Appel in a statement released late yesterday.
Dr. Ing. Tobias Brinkmann, specialist lawyer for insolvency law and partner in the law firm Brinkmann & Partner, joins the management team.
Bavaria’s previous CEO, Lutz Henkel, left the management board last week.
Bavaria said its ‘top priority is now the search for an investor’, and against the background of a good market position, the aim was to ‘put the operation on a sound financial basis’.
‘We have years of experience building high-quality yachts and are industry leaders in many areas,’ said Appel.
Last month, Bavaria marked its 40th anniversary. It is considered one of the market leaders in European yacht building.
In a statement, Nautitech Catamarans, said: ‘To this day, the catamaran business remains in Rochefort France. It is an independent French company with its own employees, suppliers and bank accounts. Seen as the “jewel in the crown” of the Bavaria group, the well managed and profitable catamaran business is already attracting interest from potential buyers.
‘Whilst we understand that both the catamaran division and the struggling German operation will probably soon be under new ownership, or indeed ownerships, the operation of the catamaran business is completely unaffected by the situation in Germany. Therefore trading, delivery and after sales service continue as before.’
22 April 2018
Despite no official communique from the company itself, reports from Germany on Friday (20 April) indicate that Bavaria Yachts has gone into administration.
The company employs over 500 people in Giebelstadt, Bavaria making power and sail yachts up to 65ft long. A separately owned multihull brand, Nautitech, is based in La Rochelle, France and is expected to continue business as usual, according to several reports.
A statement is expected early in the week.