The assets of insolvent PDQ Yachts, builders of the striking new PDQ 41 (left) and the popular PDQ 34 (below), will be auctioned tomorrow at its manufacturing plant in Whitby, Ontario, where the company began business 20 years ago.
But a PDQ dealer is holding out hope that the brand--the most popular cruising catamaran in North America--will eventually continue, albeit not in its original structure or location.
Here's what's being sold at the auction: manufacturing equipment, including cranes, forklifts, vehicles, routers, planers, joiners et al, office equipment, parts and components such as compasses, lights, seats, air conditioners, inverters and one catamaran hull, model unspecified.
Click here for the 47-page catalog in PDF.
Click here for details about the auction being conducted by Danbury Sales.
Here's how one PDQ dealer explained the business failure to customers:
". . . we were notified by PDQ management that they were "closing their doors" until a buyout by new investors can be finalized.
In spite of the PDQ's popularity and success in the market, it appears that a number of factors have all combined at the same time to force PDQ into this action.
PDQ's profitability has been eroding rapidly due to the significant increases in material costs, the historic devaluation of the US dollar (vs the Canadian dollar) and the recent slowdown in the entire recreational boating market has effectively dried up new orders. As you know, pricing on the new PDQ's has escalated in the last twelve months, but has not kept up with their costs and has left them with insufficient cash to continue operating.
This is obviously a very sad day for [us], but more so for the outstanding PDQ employees with which we have had the opportunity to work. For those of you who have had contact with the PDQ staff, I think you will agree that we could not find a more professional or dedicated group of people in the industry! The PDQ team developed an outstanding product and they were very proud to deliver and support it.
The good news is that [xx] is leading a buyout of the company by a group of private investors. It will take some time for the details of this buyout to be completed, but [we are] optimistic that PDQ will be back in operation, with adequate capital to continue producing the PDQ product line."
A PDQ customer who had ordered a PDQ 34 and paid a deposit reported on Power Catamaran List:
"I had committed for #115 of the PDQ 34 power cats. It is sitting in the plant partially completed and they have stopped their production. They have refunded my money as they did not want it to become tied up in their financial difficulties. I am extremely disappointed but very much appreciate their respect for my financial integrity."
If you have any other information to share on the demise and possible resurrection of PDQ, please use the comment function below or send the Editor a private message.
The PDQ site is still up on the Web--without any mention of the financial sinking.
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