Sorry, but no.
Ugartechea made a full line of over/under shotguns (box lock and side lock) for decades and failed before Arrieta.
Dan Moore is partially correct, in that the banking crisis of 2008 2010 was a large stressor on the Spanish shotgun trade. But what killed Arrieta, (Pedro) Arrizabalaga, Ugartechea, Laurona, and Zabala Hermanos, and is killing AyA, Garbi, Grulla, and the rest of the Spanish artisanal shotgun makers is the political actions of the Spanish government (and to a lesser degree the EU and its regulation of firearm cross border movement).
This isnt a market problem; its a result of poor government policies.
I think the example of Ugartechea's O/Us is a bad example as they were copies of Merkels.... Not exactly the hottest selling design today. And I don't think they've even been offered for many years (though I may be wrong on that part). Had a more popular design and style been offered, who knows what could have happened.
And the problem does not lie entirely with government policies. There are market/demand issues... If you want proof, take a look at the used SXS market.
