Pressure is intensifying on Mondomarine, as the company’s demise as a yachting brand appears to draw closer. The Palumbo Group, owner of Columbus Yachts and Malta Superyacht Services, has agreed to rent the Mondomarine facilities and reinstate some of the workforce, which currently stands at 57.

The company’s troubles went up a few notches on Tuesday when Italy’s Guardia di Finanza (fiscal police) raided Mondomarine’s facilities in Savona, Pisa and Milan, plus the homes of its partners, directors and other executives.

The raids were on the order of the Prosecutor of the Republic of Savona and resulted in the seizure of financial records and other documents. The searches also related to Mondomarine’s financial dealings, with allegations that customers have been cheated.

Since December 4, the workforce ‘occupied’ the Savona shipyard although they describe it as an assembly. It was two days later that the Palumbo Group made an agreement with the bankruptcy court to rent the Savona yard for six months, including a commitment to reinstate a number of the workforce.

This may lead to a longer-term arrangement involving Palumbo and the Mondomarine facilities, but another group is also reported to have expressed interest. Regarding Cantieri di Pisa, a security deposit was submitted on December 6 from a business interested in acquiring the company and rejuvenating the brand.