The insolvency application was filed with Flensburg Local Court at the end of August. Lawyer Dr Arno Doebert from the law firm Reimer has been appointed as the provisional insolvency administrator. The company's business operations will continue without restriction. The wages and salaries of the 15 employees are secured by pre-financing the insolvency substitute benefits. According to the provisional insolvency administrator, the aim is to implement a sustainable reorganisation as part of an insolvency plan or an investor solution and to secure the future viability of Niro Petersen.
Storm flood damage from 2023 is only one cause
Founded 60 years ago, the company is a leading manufacturer of stainless steel fittings for yachts and boats and also works as a contract manufacturer with industrial partners from the non-maritime sector. The storm surge in October 2023 completely flooded the company premises in the Flensburg harbour area. Machine damage, clean-up work, production losses and a necessary relocation led to considerable financial burdens at the time.
This was compounded in recent years by a drop in demand for sports boats, the delay of a firmly planned major order from the megayacht sector and high competitive pressure from Asian suppliers of series yachts.
Managing director duo took over the business in 2022
Only a year before the storm surge, Birthe Reimer, the daughter of company founder Gerd Petersen, had handed over the management of the company to two long-standing employees: Marcel Crusius and Jan-Ole Scholz. Reimer had managed the business since 2006 and played a key role in shaping and modernising the company.
The reorganisation process that has now been initiated is aimed at adapting structures to the market environment and strategically developing the product range. "Niro Petersen has great craftsmanship expertise and a broad product range. Together with the management, I will examine the restructuring options in order to stabilise the company and make it fit for the future," explains Doebert.
Lawyer Hans Köster from the law firm DanTax Legal, who is providing legal support to the management, adds: "Our aim is to combine responsibility towards employees and business partners with a viable solution. Insolvency law provides effective instruments for relieving liabilities, stabilising business operations and preparing for a sustainable reorganisation."
Customer funds are secured
As the provisional insolvency administrator, all of the company's financial dispositions must currently be authorised by Doebert. Payments from private customers who order fittings and pay for them in advance are secured.
In the social networks, sailors had already called on people to buy the fittings they needed directly from Niro Petersen and help the company in this way. In fact, private customers can place orders by email using the company catalogue, which can be downloaded as a PDF, as well as online price lists. The goods are then dispatched once payment has been received.
Special offer is "not a sell-out"
Doebert told YACHT: "I am currently organising an orderly continuation of operations together with the managing director of Niro Petersen, Marcel Crusius, and my team. The company has a large stock of high-quality parts. Every sale from these stocks is helping to keep the company going in the current phase. The current campaign is not a sell-off, but a controlled reduction of stock. The customer funds will flow into a special procedural account that I have set up and the delivery of the ordered goods is guaranteed."
A long tradition - and a curious history
Founded in 1965, Niro Petersen GmbH specialises in the manufacture of precision fittings and stainless steel solutions for yachts and boats. The Flensburg-based manufacturer produces high-precision components made of A4 stainless steel - from cleats and cleats to railings and on-board furniture. The product portfolio comprises around 1,500 series products as well as customised solutions for shipyards and private customers worldwide. The company is also active in the field of rehab equipment. The entire production process - from tool manufacture to the final finish - takes place in the state-of-the-art factory on Brauereiweg in Flensburg.
The name "Niro Petersen" has a special history: in 1990, lawyers from the steel group Thyssen-Krupp demanded the removal of the term "Niro" from the company name as it was legally protected. Company founder Gerd Petersen reacted with an unusual move: he had his name officially changed and added "Niro" to it. Gerd Johannes Petersen thus became Gerd Johannes Niro Petersen - and the company name could remain.
Many insolvencies in recent years
Niro Petersen GmbH is not the first company from the maritime sector to run into financial difficulties. Several other companies have already had to file for insolvency in recent years. These include some renowned dealers and shipyards, such as A. W. Niemeyer or Bavaria Yachtbau. Most of them were eventually able to continue, albeit in different ways. Examples:
