Say Carbon Yachts in receivership
German company Say Gmbh, builder of high-end pleasure boats under the Say Carbon yachts brand, has filed for insolvency with the authorities. The company announced in a press release that it would begin insolvency proceedings on January 23, 2024, with the aim of exploring all avenues to bring in new investors and find a strategic partner, in order to sustain sales and development efforts, capitalizing on a strong brand built up over the past 15 years.
Development against the clock
Founded in 2006 on the shores of Lake Constance in Germany, the Say Carbon shipyard began to develop around sailboats and RIBs, with a mastery of carbon to make lightweight boats. Bought out in 2014 by Karl Wagner, the company turned its attention to the luxury market, investing in range and production resources, the new leader having successfully set up a carbon parts company for the automotive industry.
The launch of new models in 2022 and 2023, as well as sales efforts in the United States, required heavy investment, while at the same time the yachting market slowed down. Sales for 2023 were reduced to 4.63 million euros, below the levels required for Say Carbon Yachtsâ?? expansion plan.
