OFCET bankruptcy puts Fora Marine in difficulty
The Fora Marine shipyard, based in La Rochelle, has been building epoxy plywood sailboats since 1989. It has filed for receivership in early December 2019 . Its CEO since January 2019, Olivier Gainon, explains the process that led to this procedure by the failure of a local subcontractor. " In July 2019, we were the victim of an industrial accident, namely the bankruptcy of the OFCET construction site . In particular, this subcontractor built the composite top planking for the new RM11.80. Faced with the difficulty of finding a new subcontractor in the La Rochelle area, we decided to bring the process in-house, as we had the necessary square meters. Unfortunately, this took longer and was more complicated than expected. We had to stop production for 1 month, resulting in a delay in boat deliveries and a consequent deterioration in our financial results. "
A shipyard too fragile
The site's financial structure was then put in jeopardy. " Our working capital requirements were too high and our equity too low. The company was too fragile for this kind of industrial accident. To turn the brand around, the sale of shares was studied and consultations opened. Various players came to see us. When we asked for structured bids, suppliers and customers became concerned, leading to payment difficulties. We then asked for the company to be placed in receivership. What's infuriating is that we're not paying for a bad product or a poor positioning, but for the company's fragility "summarizes Olivier Gainon.
Several takeover bids expected for RM yachts
The manager is nevertheless optimistic, and expects several bids to take over Fora Marine. " There will certainly be a takeover or continuation of the business. A structured bid has already been submitted, and other players have indicated to me that they are going to position themselves. It will now depend on the court, but there is a strong brand with a full order book and some fine boats. "
