French sailing and motor trimaran shipyard Neel Trimarans has been placed into receivership by the Commercial Court of La Rochelle.
The decision comes as the recreational marine industry experiences a slow-down in the market, especially in America, a situation that has been compounded for Neel by the default of a major American client who failed to pay for several ordered vessels.
A turnaround plan signed in May 2025 shows the French group has experienced a 40% decline in revenues with orders being difficult to secure and has few orders beyond six months.
At the Multihull Show in April 2025, prospective buyers indicated a purchase in 2027 rather than in 2025 or 2026.
Orders to the US decline
Historically deliveries to the US have accounted for 50% of turnover but these have sharply declined due to the implementation of tariffs.
The aim of the receivership is to enable the company to resume trading without immediate liquidation to protect the workforce and restore the confidence of financial partners.
The shipyard is working on a recovery plan with its creditors. Earlier in 2025, the company said it was revitalising its sales system with a revamp of its distribution network, accelerating product development and implementing efficient management to improve productivity and reduce purchasing costs.
A reduction in workers hours was introduced in June 2025.
The company has previously said it anticipated a turnover exceeding €35 million for 2027.
This situation has forced the company to self-finance the construction of these boats, generating cash flow problems despite the corrective measures taken.
Christian Mocquery
In relation to the receivership, Neel’s director, Christian Mocquery, says he hopes to find solutions to overcome the financial situation.
“This decision comes in a context marked by a slowdown in the recreational boating market, particularly in the United States, and by the default of a major American client who has not honoured payment for several ordered units,” he said in a statement.
“This situation has forced the company to self-finance the construction of these boats, generating cash flow problems despite the corrective measures taken.”
The statement continued: “The initiation of this procedure is primarily aimed at protecting the women and men who keep Neel running, preserving jobs, ensuring the continuity of industrial activities, and creating the conditions for a solid and sustainable recovery for the benefit of employees and the company.
Stable operational trajectory
“Neel Trimarans is also working, in parallel, to implement solutions with its technical and financial partners in order to secure its operations and restore a stable operational trajectory as quickly as possible.”
The shipyard was founded in 2009 by Eric Bruneel and has been managed by Christian Mocquery since 2023.
Two investment firms invested in the company in 2020 to aid its development.
The Neel 48, the shipyard’s latest model, designed in partnership with Yannick Bestaven, is scheduled to be launched in 2026.
