After more than 10 years of success at the top of the superyacht refit market, ITM has recently crossed a period of uncertainty, following restructuring within the company’s management. This unfortunately coincided with the effects of the economic crisis on the otherwise profitable yachting industry. Following this conjuncture, ITM now finds itself in serious financial difficulties, which have led to a juridicial review in order to avoid bankruptcy.
ITM is therefore seeking investors or buyers for the shipyard, and can confirm that an international call for bids has been initiated this week.
Ideally situated in the heart of the Mediterranean, ITM has the exclusive use of 4 large dry docks and 300m of repairing piers, via the Port of Marseille. In addition to this, ITM initiated and supervised the construction of a watershed in 2008, which has housed several highly successful projects.
ITM has brought together a network of suppliers and subcontractors, many in workshops within the shipyard. The companies are familiar with – and capable of meeting – the high standards required by the superyacht market. The level of services offered is the fruit of a long and successful partnership with ITM, in whom these companies find an equal in terms of quality, reactivity, excellence and professionalism.
The financial support provided by an external partner or buyer would allow the shipyard to continue to offer an excellent repair facility close to the Cote d’Azur, home to many of the world’s superyachts. But most importantly, this would preserve the network of local industries, specialists in yachting, allowing ITM to continue to offer the quality of service that has made the shipyard’s reputation.
ITM’s managers hope to attract the attention of some of the largest international figures in the yachting industry who, either by personal experience or by reputation, are familiar with the potential of this exceptional site.
Bid application packs are available to all interested parties by contacting ITM’s administrative receiver, SCP BOUET GILLIBERT (Johanna Fabre – [email protected]). Applications will be received until 20th December 2013.