Safra has been placed in receivership while discussing with “Asian financial consortium” (and seeking further investors)

Safra has been placed in receivership, meaning a situation in which a company goes under control of the receiver because of a lack of money. The decision was taken by the Commercial Court of Albi on 4 February 2025.

The challenging situation faced by the French company was already made public in late 2024, when the family holding company and shopfitting subsidiary, Safra Agencement, had entered a six-month observation period under receivership due to sharp decline in revenues—from €13 million in 2022 to €3.5 million in 2023. Already at that time, the company said it had entered into discussions with a consortium ‘to finalise the raising of several tens of millions of euros with an Asian investment fund by the end of the year’. 

Safra goes in receivership

Safra SA has so far placed several hydrogen-powered Businova H2 buses on the road and secured 50 orders for its next-generation Hycity model. Despite a drop in turnover from €12 million in 2022 to €7 million in 2023, the division has raised €30 million in funding between 2021 and 2024, as mentioned on Les Echoes, while losing almost €10 million a year since 2021.

“Despite the sources of finance we have committed and worked on, the completion timescales have become incompatible with our needs”, Safra states in a press note. And adds: “The purpose of this receivership is to enable us to continue our business and restructure our liabilities under the aegis of the Commercial Court. A new page is turning for Safra, and it is with this in mind that we are actively pursuing discussions with an Asian financial consortium, a prospect that offers the company a genuine opportunity for recovery. This situation also opens the door to other investors, some of whom are already familiar with the business”.

Vincent Lemaire, Chairman of the Safra’s Management Board, said: “This situation is obviously difficult for all our stakeholders, but it in no way spells the end for our company. We are fully mobilised to ensure the continuity of our activities in the service of carbon-free mobility. The discussions underway with investors are a source of hope and will enable us to look forward to a brighter future. I would like to thank our employees for their commitment and all our stakeholders, including our investors, partners, customers and suppliers, for their support at this crucial time”.