Dutch luxury yacht dealer, Lengers Yachts, has been declared bankrupt, with court trustee J.M. van Raaijen appointed to oversee the company’s affairs.
The company represented a number of brands including Sanlorenzo, Stratos, Bluegame, Prestige, Sacs and Pirelli, and had been in business since 1970.
It operated from locations across the Benelux region, operating a brokerage business along with yacht management services, maintenance facilities and after-sales support.
It is understood the company’s management team is working with the trustee to restart parts of the business to preserve activities, customer services and employment.
Financial difficulties
Inventory financing, interest costs, maintenance expenses and operating costs are being blamed for the company’s financial difficulties, alongside a changing yacht buyer market.
Covid-19 has also been cited as a factor, with strong demand recorded during the pandemic followed by a decline in demand together with an increase in the availability of new and pre-owned yachts.
A slower inventory turnover placed additional pressure on margins and the prices achieved for yachts.
Although the company has undertaken restructuring measures, these have not proved sufficient to alieviate the financial pressures the business is facing.
It is not known if customers have lost deposits or yachts, and it likely that the bankruptcy proceedings will be closely watched by customers and yacht manufacturers.
