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News » The future for Najad is secured
Dear customer and sailing friends
It is with great pleasure that we now can welcome our new owner Nord West Yachts, as the final part of giving Najad a long term profitable future.
The last year has been very challenging with many tough decisions and would like to take the opportunity to thank all our employees, board and the former owner Animatrix Capital LLP for big contribution, support and loyalty. The employees has achieved many and big improvements in both sales, quality and production, during the year.
From the day, when the only way forward was bankruptcy, we have been working hard to find the perfect owner of Najad. In Nord West there is good management and excellent craftsmen. Since they are also situated on Orust, I am very sure that the very famous “Orust-quality”, that is wellknown in a Najad, will stay with the Najad brand for many years ahead. I am therefore absolutely sure that Nord West ownership is the perfect harbor for future Najad yachts.
This is now the last part of my assignment to save Najad and it is time for setting sails towards new challenges. Since it, hopefully, will be some more time for sailing next summer, maybe we will meet again out on the ocean.
Until meeting again
Have a nice winter and take good care of your yacht and the love will last forever.
Your sincerely
Mikael Gustavsson
former CEO Najadvarvet AB
The Maxi brand was owned by Najadvarvet, we will let you know what this means for the furure of Maxi Yachts when we know more
The following failure has been reported by Maxi 1100 owner Peter Bruce.
Maxi 1100 owners might like to know that a crack has been found in the athwardships plate in the stem fabrication where it holds the forestay. The stem fabrication is not symmetrical and a stress point occurs at the weld where the athwartships plate intersects with the inboard fore and aft plate. Peter Bruce, who owns Owl, hull number 19 says the crack was well developed, and it might have led to the loss of the mast. It is just possible to view the weld in question with the forestay in position.
UPDATE – Darryl has found the answer to the question below.
Download pdf file of the rig setup from Selden
Maxi Owners Association member Darrel Walters has provided the following phtographs and question. If you can help him please respond through our Forum.
Following recent yachting press coverage of this issue, all Maxi Owners are encouraged to have their seacocks checked.
Maxi Owners Association member Phil Ball reported the following to us via the East Coast members contact Rod Minkey
Over the last couple of years, the Maxi Owners Association committee has had the privilege and generosity of Animatrix to discuss and hear of the plans for the future for Maxi and Najad yachts. You will have seen the evolution an amazingly strong management team and the advanced development of a new Maxi 11.
We have reported our confidence in the ownership and the huge investments they have been making in the business to overcome the previous financial position so it is with great sadness that we reproduce their statement of bankruptcy.
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PRESS RELEASE: NAJADVARVET AB IN BANKRUPTCY
The board of Najadvarvet AB has today, Tuesday 9th August 2011, submitted a petition for bankruptcy to the District Court of Uddevalla. The Court has declared Najadvarvet AB bankrupt.
The company has suffered an 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.
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.
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You can view the full signed press release together with notes in pdf format here.
We have again been given an indication of the open approach to us by the business owner. He has described the relevant skills of the Swedish Receiver and the recognition of the Maxi business as a separate tidy business proposition within the whole and having a strong position with a new model almost ready to be launched. This however of course has to be seen in the light of the wider world business situation as well as the more recent threats to business investment. The Maxi Owners Association must now consider how best to support our own yachts for the future. To this end we welcome correspondence using the access through our new website.