Kiwi investors rescue bike maker UBCO from receivership
Photo:
RNZ/Carol Stiles
New Zealand investors have rescued electric utility bike maker UBCO from receivership.
The Tauranga based company collapsed with debts of close to $36 million in January, despite having had significant fleet sales including to Australia Post.
The new owners, Utility Fleet Vehicles, include some of its original backers, Sir Stephen Tindall's K1W1, and companies associated with well known investors Peter Goodfellow, and the Holdsworth family.
Chief executive Oliver Hutaff said the company was getting back to its roots of delivering robust, durable electric vehicles.
"We're focused on building electric utility vehicles for fleets like postal services, agriculture, conservation, law enforcement and military applications," Hutaff said.
"We know what works, and what doesn't, and we're back with a tighter focus."
The acquisition also includes UBCO's Australian subsidiary, and UBCO's local finance subsidiary, which serves fleets on subscription, neither of which were placed into receivership.
The new business will have 21 staff, who cover research and customer support. Manufacturing was previously done in Taiwan.
No details of the sale price were given, but one of the receivers, Stephen Keen of Grant Thornton, called the sales process "robust".
"It's fantastic to see a Kiwi business continue its legacy with key team members remaining - something that's particularly challenging in today's economic environment where distressed businesses face significant loss of talent and even closure."
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