Company undergoing 'reconstruction'
Malo Yachts of Sweden are undergoing ‘reconstruction’, basically renegotiating a deal with their suppliers in a desperate bid to survive the economic downturn.
Problems began for the prestigious brand when stage payments for yacht construction stopped being credited by their bank who were nervous the payments could not be guaranteed.
Malo’s greatest market was the UK but the company has seen exports to Britain drop from 15 a year to two last year.
A company spokesman said it would be ‘many years’ before Malo Yachts were back on track, but he was confident they would survive.
For the full story see Yachting Monthly December issue.