Plasmor kayaks and sailboats, a bankruptcy filing to better restart

Sailing in a Plasmor kayak

The Vannetese company Plasmor has announced its bankruptcy. An administrative step before a recovery already underway, as explained by Dominique Bourçois and Sébastien Marin.

Plasmor files for bankruptcy but already has a buyer

Plasmor, a manufacturer of kayaks and Skellig sailboats, will file for bankruptcy in court on Wednesday, October 24, 2018. This is the end of an adventure for Dominique Bourçois, still the director of the site he created more than 40 years ago. Even if he will leave the structure, he can leave reassured for the future of the company. A buyer, a Plasmor customer and entrepreneur, is already in the ranks. The filing for bankruptcy should only be an administrative step allowing a fresh start on a healthier financial basis. "The important thing is that we have made the jobs sustainable," explains Sébastien Marin, future manager of the new structure, a Plasmor employee for 22 years.

Cash flow problems, despite a good turnover

Despite a dynamic activity, Plasmor was suffering from cash flow difficulties. The management of the dismissal of 2 employees for inaptitude validated by the occupational medicine has turned the situation around. "Despite a very satisfactory last financial year with a 22% increase in our turnover, this was not enough to overcome a cash flow problem. We are overwhelmed by the large compensation payments we had to pay to two employees declared unfit by the occupational medicine department," explains Dominique Bourçois. "These are very difficult situations to manage for small structures like us. We also had to replace them, using temporary workers for a while, at a high hourly cost," adds Sébastien Marin.

Plasmor customer support and business continuity

During the autumn fairs, Sébastien Marin was already part of BoatIndustry support of loyal customers in a crowdfunding operation for the renewal of the kayak and sailing yacht range. It is now reflected in the arrival of a buyer from the customer base. "This has accelerated since the Grand Pavois. We will start by securing jobs before launching new boats. In the meantime, the activity continues and we will be present at the 2018 Nautic with the new structure," reassures Sébastien Marin.