Marsaudon Composites in receivership
Top-of-the-range catamaran specialist Marsaudon Composites has been placed in receivership by the Lorient Commercial Court on June 16, 2023. The shipyard, founded in 1999 and based at the Lorient submarine base, builds a range of fast multihulls under the ORC brand. Prior to the court's decision, it had already initiated confidential proceedings.
A double crisis
Damien Cailliau, who arrived at the head of the yard in January 2018, considers the situation to be both cyclical and structural: "From a structural point of view, we have a high level of debt, to the maximum of what is possible, with the EMP in particular. From a cyclical point of view, the double crisis we are experiencing is not neutral. On the one hand, the effects of the war in Ukraine and inflation mean that we are now delivering ships sold in 2022, at 2021 prices, but with 2023 costs. While this is enough to pay salaries, our margin is not strong enough to cover our debt. On the other hand, there's a huge slowdown in the face of inflation, but particularly here at home. The 3 high-profile capsizings have had an impact on us, even if none of the skippers has called the boat into question. Some potential customers are wondering whether the company will last. As a result, there's a lot of interest, but some customers are waiting. If we'd continued to sell and produce eight boats a year as we have in recent years, it would have gone through."
Find a boating partner
Discussions had already begun with manufacturers in the sector before the company was placed in receivership. To ensure the future of Marsaudon Composites, Damien Cailliau would like to work with a player in the yachting industry: "Today, the solution we're considering is to join forces with an industrial player in the yachting sector, to put the brand to work. The protection of the court should make it possible to preserve the cash flow to find a solution for continuity, both for employment, customer contracts, various projects and the ORC brand."
