PDQ Yachts Enters Restructuring
Boating Industry Canada
has learned through a dealer that PDQ Yachts has closed to restructure the business. The dealer informed us that they 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 versus the Canadian dollar and the recent slowdown in the US recreational boating
market. Pricing on new PDQ’s had escalated, but had not kept up with increasing costs.
The dealer continued that “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 Rob Poirier, who has been the VP of Marketing
, 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. We sincerely hope that the new investors will keep the core
design, production, commissioning and marketing
staff intact (that is their plan) as they were an incredible team and certainly stood out as “the best” in the industry. "