This is no longer a rumour going around ... Hamburg-based manufacturer of electric jetboards has filed for insolvency but all may not be over yet. It is now confirmed that despite raising over 800,000 euros in 2015 and 3,500,000 euros a few months ago, the company wasn't able to create a viable model and just filed for bankruptcy. However many questions remain unanswered and Motosurf Nation is keeping you posted with fresh news coming straight from Lampuga's headquarters in Hamburg.
“The preliminary insolvency proceedings could offer the possibility for fresh money and thus give the opportunity for an economic recovery” Tjark Thies.
Waking-up with a bad headache
No later than last week the Motosurf Nation was thrilled to announce how busy and exciting the past months had been for Lampuga. We woke-up with a bad headache this last weekend learning that the German startup founded in 2011 has to find drastic solutions to face bankruptcy after over 6 years of hard work.
From 2011 on, the currently 33 employees of Sashay GmbH have developed, manufactured and distributed electric jetboards. So far, approx. 400 jetboards have been sold worldwide. With a business model significantly based on small investors, thanks to a successful crowdfunding campaign launched on the German platform Seedmatch in 2015, Lampuga gathered over 600 small investors who gave over 820,000 euros and temporarily faced an increasing demand for the production capacities. A further significant investment of 3.5 million euros followed in December 2016, enabling Lampuga to dream bigger with a global expansion, into the Caribbean and the USA. Unfortunately the same year, the company got into economic difficulties caused by costs amounting to millions for repair and logistics produced by faulty components.
Consequently, the Hamburg-based startup Sashay GmbH, manufacturer of the electric jetboards Lampuga, has filed for insolvency on April 7, 2017 at the local court Hamburg. Dr. Tjark Thies, Reimer Rechtsanwälte, has been appointed preliminary insolvency administrator (Insolvenzverwalter). Production and distribution of the boards will continue.
This is not over
- Production of Lampuga jetboards will be continued
- Tjark Thies, Reimer Rechtsanwälte, has been appointed preliminary insolvency administrator (Insolvenzverwalter)
- Insolvency proceedings could enable further funding
“Despite current difficulties, everyone at Sashay is highly motivated and the staff personifies the positive spirit of the customers”, observes Thies.
Currently, Thies, his team of experts, and the management of the company perform an economic inventory and evaluate all options.
“Following the first talks, we are optimistic to find a sustainable solution for business operations and employees and to continue offering electric jetboards to our customers”, concludes Benjamin Köhnsen, founder and director of Sashay GmbH.
Eye of the industry
"Terrible news for the jet board industry. Lampuga files for bankruptcy. We do however have no doubt that Lampuga will be back but with a different name, fresh investors and a new lease on life. From Jet Board Limiteds point of view we have to say that from a correspondence, communication and customer service point of view Lampuga were definitely the clear winners with the best business practice, ethics and morals. The whole team were such a pleasure to deal with and when they said they were going to do something they really did it and you could rely on them. Unlike some who call themselves industry leaders with the best products and highest sales but seriously lack basic communication and business skills. One has to question what makes a company an industry leader? Does a great product allow or make it acceptable to offer terrible and unreliable customer service? We don't think so. We look forward to Lampuga's return and are also very excited to know about a few new players that will be launching later on in the year. Is someone actually going to come out with a good product and good service one day. The day we get both in one company will be a day that the jet board industry really starts to move forward." Wayne Brooks
To find more information about the office of the preliminary insolvency administrator, please visit their website: http://reimer-rae.de/en/
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