Swedish boatbuilder files for bankruptcy - Trade Only Today

Swedish boatbuilder files for bankruptcy

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Swedish boatbuilder Nimbus, a favorite of the European cruising fraternity, filed for bankruptcy, citing pressure from lenders as well as the overall financial climate.

"After trying everything to find a solution to our challenging situation, this is a sad moment,” Nimbus chief executive Magnus Andersson told U.K.-based Motor Boats Monthly. “I think that we did everything within our power, but looking back I recognize that it was not enough."

Responding to the news, Chris Harridge, chief executive of Offshore Powerboats, the long-standing U.K. importer for Nimbus, said that, although the announcement came at a bad time there were reasons to be optimistic.

"Both Nimbus and Paragon are among the industry's most recognizable and strongest brands and have a loyal following among those who know and use them,” Harridge said. “With these brand assets and an established worldwide distribution network, the Nimbus Group makes an attractive purchase option to a new investor who understands the marine leisure market.”

Nimbus started life in 1977 as a family-run business. It was sold to investors in 2006. The Nimbus Group includes the Ryds, Paragon and Storebro brands.

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