NEWS

Jetten Shipyard is on the verge of bankruptcy

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According to Dutch yacht media, Jetten Shipyard is experiencing serious financial difficulties and is considering purchase offers. The company is no longer able to pay its debts to creditors, but the shipbuilder is confident that it can avoid bankruptcy proceedings.

Jetten Shipyard was founded in 1997 by brothers Marcel and Sander Jet ten. The Dutch boatbuilder has enjoyed recent success, with its yachts winning European Motor Boat of the Year awards in 2015 and 2017, and just over a year ago the yard launched a new beach series with Fast Displacement hulls.

Last July, the founders sold the company to Je annot Grim, who has been CEO of Jetten since December 2016.

The Jetten brothers have maintained a close partnership with the shipyard, continuing to build custom yachts.

«Designing and building boats, we are both doing the best we can. Running an ever-growing company has been a distraction. By selling our shares we can fully concentrate on what we do best»," said Marcel Jetten at the time.

At the time of the shipyard purchase, Jano Grim assured that he «had many years of experience in managing companies, including internationally», and he would be able «give this strong growing company a solid foundation in the international market».

However, now, less than a year later, the new owner is writing off the resulting financial difficulties to an incorrect valuation of the yachts.

«Simply put, we are selling our boats too cheaply.» Our costing is too rosy, which makes most boats unprofitable," said Grim, adding that Jetten also needs new engineering and too much hard work.

In its twenty-year history, Jetten has produced more than 325 boats ranging in length from 38 to 75 feet. Today about thirty people work on the production floor of the yard.

This year at least four shipbuilders have already announced financial problems: first the Nord West brand changed hands, then Oyster Yachts unexpectedly declared bankruptcy, a month later the 120-year-old Broom Boats shipyard in Britain closed, and three weeks ago the largest German shipyard Bavaria Yachts was placed under interim administration.

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