German boat builder, SAY GmbH has filed for insolvency.
The process began on 23 January 2024 due to a slower than expected growth in sales following the shipyard’s recent investment to expand its boat models.
A statement from CEO Karl Wagner said the boat builder had faced lower than expected growth and sales since the middle of 2023, however the developments and plans for expansion still offer a promising future.
The company is exploring opportunities to receive investment from a strategic partner to support sales and expansion efforts with the goal of building on the brand and its foundations.
Prior to joining SAY, Karl Wagner founded Austrian based Carbo Tech Composites which he grew to be a leader in the production of carbon fibre reinforced components for the automotive industry.
He invested in SAY in 2014 and with additional investors, transformed the business into SAY Carbon Yachts, manufacturing advanced, high-tech, lightweight carbon fibre luxury yachts.
The manufacturing process – hull cand deck construction, painting and assembly was carried out in-house.
The team’s expertise in marine lightweight engineering and construction led to the shipyard creating boats which achieved a unique combination of acceleration, agility and design whilst lowering fuel consumption and extending range.
Models included the SAY 29 (E) which achieved speeds up to 40 knots and a range of 25 nautical miles at 22 knots, the SAY 42 and the latest, the SAY 52, which was launched in 2023.
It was due to be the first yacht in its class to be optionally equipped with an electric hybrid system.
In 2023, SAY also announced the development of three further models, the SAY 32, SAY 42 Outboard and SAY 52 Open, building upon consumer tastes and plans to expand into the US market. The recent slow-down in the marine had a marked effect on the company which in 2023 saw an annual turnover of €4.63m.