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NZ Herald
a day ago
- Business
- NZ Herald
Electric motorbike maker Ubco revived by Kiwi rich-list families, adopts new focus
Keen said the deal was structured as an asset sale. He had no comment on the price and other details until the next receivers' report, due late September. The rich-listers, who hold a majority of the new company, are Sir Stephen Tindall (via his K One W One vehicle), Peter Goodfellow (via Avalon Asset Management) and the Holdsworth family (via Evander Management; the late John Holdsworth was the founder of New Zealand's largest homegrown IT firm, the $1.5 billion-revenue Datacom; his family office retains a 55% stake, along with its myriad investments in start-ups). Sir Stephen Tindall, one of Ubco's three white knights. Photo / Greg Bowker The receivers were appointed by Goodfellow's Avalon to claw back money owed through a General Security Agreement dated October 31, 2024. Ubco fleet manager Grant Payton said 21 Ubco staff will work for the reborn company which, after a series of restructures, was down to 31 employees by the time of its receivership, from 109 last year. '21 families will sleep a lot more comfortably tonight than they have for the past six months,' Payton said. The 21 staff were kept on by the receivers to assist with servicing and spare parts. Ubco sold three bikes to NZ Post shortly before its receivership. The firm will stay at its Mount Manganui base, which will remain the hub for management, research and development and product design, while Taiwan's TPK will return as the contract manufacturer. Oliver Hutaff will return as chief executive. The acquisition also includes Ubco's Australian subsidiary, and Ubco's New Zealand finance subsidiary, which services fleets on subscription, neither of which was placed into receivership. Ubco, founded in 2015, sold more than 6000 of its electric motorcycles, but was caught in an endless series of capital-raising rounds as it scrabbled for cash. There are 60 Ubco 2x2 electric motorbikes in Domino's New Zealand delivery fleet. The bike maker got its foot in the door by offering the pizza chain a monthly subscription model rather than buying the 2x2s outright. Photo / Chris Keall Some insiders told the Herald the firm tried to expand too far and too fast. What will be different this time around? 'It's a much smaller team,' Payton said. 'We won't try to be everything to everyone in every market in the world.' Ubco will still make single bike sales to urban hipsters, but the focus will be on fleets. Domino's was the pilot customer for a "monthly subscription" fleet deal covering Ubco's bikes and software to mange them. Shortly before its receivership, the firm sold 175 of its new 'Duty' model to Australia Post, plus three to NZ Post in a more modest pilot. Domino's was also a marquee customer. 'Still heavily engaged with Australia Post and other postal agencies. It wasn't easy, but we kept those doors open,' Payton said. Now open for defence business Another change: soon after the receivership, Mark Phillips, managing director of Ubco Australia between March 2020 and September 2022, blamed the collapse in part on squeamishness about pursuing defence opportunities. Payton said that is no longer the case. 'The military is absolutely a focus. Anywhere that need a utility bike.' Farms and conservation agencies will also be points of focus. Two new distributors have been appointed: Toad in Europe, which Payton is hoping will lead to fleet deals with French military and police, and The Utility Bike Company in the US, which has been formed by a former Ubco sales manager. Kiwi 'legacy' continues Grant Thornton's Keen says he's 'delighted' with the outcome after a 'robust sales process'. '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," Keen said. An Ubco 2X2 at Auckland's Hobsonville Point. Photo / Chris Keall While Utility Fleet Vehicles' primary focus is on commercial fleets, individuals, including past purchasers from the former business, can still buy Ubco bikes and parts through the dealer network, Payton said. Key fleet trials are under way and further updates on partnerships and product launches are expected in the coming months. 'Not many companies come through a process like this with their core team retained, their product refined, and their direction clearer than ever,' Hutaff said. 'That tells you a lot about the strength of what we've built and where we're headed.' Chris Keall is an Auckland-based member of the Herald's business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.
Otago Daily Times
14-07-2025
- Business
- Otago Daily Times
NZ Post woes show difficulty of decarbonisation
NZ Post dropping climate targets shows businesses are struggling, Pii-Tuulia Nikula writes. NZ Post committed to cutting its emissions by 32% by 2030 (based on 2018 levels) but recently announced it would abandon its climate target. The company was part of the Science Based Target initiative (SBTi), the leading international body allowing businesses worldwide to set and validate targets which they can then promote as backed by science. More than 10,000 businesses have joined SBTi and the database includes 36 New Zealand businesses with active targets or commitments. However, in recent years well-known businesses have been abandoning SBTi. NZ Post's decision follows Air New Zealand's announcement to withdraw last year and Auckland Airport's less publicised decision not to renew its SBTi target. NZ Post was one of the early adopters of SBTi in New Zealand. Its initial commitment in 2018 included not only the company's own direct emissions (known as scope 1) but also purchased energy (scope 2) and other indirect emissions (known as scope 3, such as emissions from air freight or waste disposal). In the past few years, NZ Post has signalled its intention to update its target to pursue even greater reductions of 42%. In 2023, it made a commitment to align itself with a pathway to achieve net zero by 2050. But the company has now fully withdrawn. NZ Post's announcement states: ''After careful consideration and a thorough assessment of both technical feasibility and financial implications, it has become clear that our target is no longer feasible at a technical level and, given the scale of investment required, under present economic conditions.'' NZ Post seems to have found itself in the contradiction between economic objectives and climate action. Ambitious climate action seems to rarely win such a battle. The company was already questioning its ability to meet its SBTi targets in its 2022 and 2023 climate disclosures. Its parcel volumes were growing and it struggled with emissions associated with heavy freight and aviation. It also stated its emissions had increased due to the acquisition of Fliway Group, improved supply-chain data and emission factor changes. This indicated it would struggle to meet even less ambitious climate targets. One might commend NZ Post for their transparency in disclosing their decision to withdraw from SBTi. However, so far the announcement hasn't been included in the company's media releases and remains tucked away in the sustainability section. There are other issues that make transparency limited. For instance, businesses such as Air New Zealand seem to be able to withdraw from the SBTi and fully disappear from the SBTi public target dashboard, making it difficult to track those that have decided to withdraw. While most SBTi businesses are probably not joining the scheme with the intention of ''carbon-washing'', the ability to meet their targets seems uncertain. In business contexts, climate action remains subordinate to profitability and revenue growth objectives. Hence, not many businesses are willing to pursue all potential ways to meet their targets as this would require making difficult decisions around economic objectives. Many companies struggle to make progress towards science-based goals or don't have credible transition plans aligned with the goal to keep overall warming at 1.5°C. The question remains whether the SBTi engagement of businesses genuinely reflects ambitious climate action or whether it is merely designed to give stakeholders the impression of global progress through symbolic commitments. SBTi's plan to implement new monitoring and reporting mechanisms would enhance accountability. However, it will not make meeting targets any easier. Committing to and promoting ambitious but potentially unrealistic targets can cause reputational damage. A safer pathway for many businesses wanting to do as much as they can within the boundaries of the current economic system may be a public disclosure of their support for climate action, transparency about the actions the business is taking and providing transparent and detailed emissions reporting. — Pii-Tuulia Nikula is an associate professor at the Eastern Institute of Technology School of Business.
Otago Daily Times
11-07-2025
- Otago Daily Times
Tributes flow for postie struck by vehicle
Tributes continue to flow for rural Canterbury postie and well-known bowler Dave Bullock, who was tragically killed last week. Bullock, 78, was struck by a vehicle at the intersection of Leeston, Lakes and Harts Rds last Friday night. He was on his way to Christchurch and had stopped to drop off missed mail, but got his car stuck in grassy mud. His son-in-law arrived to help get the car out of the mud, but they were both struck by a vehicle about 7.40pm. Bullock died at the scene and his son-in-law received a broken leg. Bullock was a life member and president of the Canterbury Indoor Bowls Association (CIBA). On the CIBA Facebook page more than 100 tributes have been made. 'This is shocking news for everyone. Dave was a great man who poured his heart and soul into Canterbury indoor bowls over many years,' one person wrote. 'Dave was so admired by many in the bowls community and I'm sure that was the same with everything that he was involved with,' another said. 'It is such sad news to hear that Dave has passed away. A true gentleman, a great bowler and a tireless worker for the game.' 'Oh my I am so shocked & saddened to hear this news. I had the honour of playing with Dave last Sunday all day in the rep game in Ashburton he was a great skip to play with. Condolences to his family he will be sadly missed.' 'He was such a down-to-earth guy, easy to talk to and a great bowler. Sending my thoughts to his family and friends.' Bullock was due to meet his friend Carolyn Swanson on Friday night to set up a bowls event and have dinner. He had text her to say he was running late after getting his car stuck while dropping off some mail which had been missed. But after some time passed, Swanson tried calling him, but it kept going to voicemail, she later found out what had happened from Bullock's family. Inquiries into the circumstances of the crash are ongoing. Bullock had been a rural contractor for NZ Post in the Leeston area for 28 years, with Friday supposed to be his last day of work, having sold his mail run. After Friday, he was going to spend two weeks training the next postie. 'His whole life was just bowls,' Swanson said. 'He was just dedicated. If he wasn't running events, he was playing them.' He was awarded the Queen's Service Medal in 2022 for administrative services to bowls. Alongside being the president of CIBA since 2002, Bullock saw the rebuild of the CIBA stadium in Bromley after the earthquakes, before a fire destroyed it in 2014. He was critical to keeping Canterbury indoor bowls alive during the Covid-19 pandemic, Swanson said. 'He was a lovely, dedicated soul. He was the most pleasant person you could ever want to meet,' Swanson said.
Otago Daily Times
10-07-2025
- Otago Daily Times
'A lovely, dedicated soul': Tributes flow for postie struck by vehicle
Tributes continue to flow for rural Canterbury postie and well-known bowler Dave Bullock, who was tragically killed last week. Bullock, 78, was struck by a vehicle at the intersection of Leeston, Lakes and Harts Rds on Friday night. He was on his way to Christchurch and had stopped to drop off missed mail, but got his car stuck in grassy mud. His son-in-law arrived to help get the car out of the mud, but they were both struck by a vehicle about 7.40pm. Bullock died at the scene and his son-in-law received a broken leg. Bullock was a life member and president of the Canterbury Indoor Bowls Association (CIBA). On the CIBA Facebook page more than 100 tributes have been made. 'This is shocking news for everyone. Dave was a great man who poured his heart and soul into Canterbury indoor bowls over many years,' one person wrote. 'Dave was so admired by many in the bowls community and I'm sure that was the same with everything that he was involved with,' another said. 'It is such sad news to hear that Dave has passed away. A true gentleman, a great bowler and a tireless worker for the game.' 'Oh my I am so shocked & saddened to hear this news. I had the honour of playing with Dave last Sunday all day in the rep game in Ashburton he was a great skip to play with. Condolences to his family he will be sadly missed.' 'He was such a down-to-earth guy, easy to talk to and a great bowler. Sending my thoughts to his family and friends.' Bullock was due to meet his friend Carolyn Swanson on Friday night to set up a bowls event and have dinner. He had text her to say he was running late after getting his car stuck while dropping off some mail which had been missed. But after some time passed, Swanson tried calling him, but it kept going to voicemail, she later found out what had happened from Bullock's family. Inquiries into the circumstances of the crash are ongoing. Bullock had been a rural contractor for NZ Post in the Leeston area for 28 years, with Friday supposed to be his last day of work, having sold his mail run. After Friday, he was going to spend two weeks training the next postie. 'His whole life was just bowls,' Swanson said. 'He was just dedicated. If he wasn't running events, he was playing them.' He was awarded the Queen's Service Medal in 2022 for administrative services to bowls. Alongside being the president of CIBA since 2002, Bullock saw the rebuild of the CIBA stadium in Bromley after the earthquakes, before a fire destroyed it in 2014. He was critical to keeping Canterbury indoor bowls alive during the Covid-19 pandemic, Swanson said. 'He was a lovely, dedicated soul. He was the most pleasant person you could ever want to meet,' Swanson said.
Scoop
09-07-2025
- Business
- Scoop
NZ Post Is The Latest Company To Drop Its Climate Targets – Another Sign Business Is Struggling To Decarbonise
NZ Post committed to cutting its emissions by 32% by 2030 (based on 2018 levels), but recently announced it would abandon its climate target. The company was part of the Science Based Target initiative (SBTi), the leading international body allowing businesses worldwide to set and validate targets which they can then promote as backed by science. More than 10,000 businesses have joined SBTi and the database currently includes 36 New Zealand businesses with active targets or commitments. In recent years, however, well known businesses have been abandoning SBTi. NZ Post's decision follows Air New Zealand's announcement to withdraw last year and Auckland Airport's less publicised decision not to renew its SBTi target. NZ Post was one of the early adopters of SBTi in New Zealand. Its initial commitment in 2018 included not only the company's own direct emissions (known as scope 1) but also purchased energy (scope 2) and other indirect emissions (known as scope 3, such as emissions from air freight or waste disposal). In the past few years, NZ Post has signalled its intention to update its target to pursue even greater reductions of 42%. In 2023, it made a commitment to align itself with a pathway to achieve net zero by 2050. But the company has now decided to fully withdraw from SBTi. NZ Post's website announcement states: After careful consideration and a thorough assessment of both technical feasibility and financial implications, it has become clear that our target is no longer feasible at a technical level and, given the scale of investment required, under present economic conditions. NZ Post seems to have found itself in the contradiction between economic objectives and climate action. Ambitious climate action seems to rarely win such a battle. The company was already questioning its ability to meet its SBTi targets in its 2022 and 2023 climate disclosures. Its parcel volumes were growing and it struggled with emissions associated with heavy freight and aviation. It also stated its emissions had increased due to the acquisition of Fliway Group, improved supply-chain data, and emission factor changes. This indicated it would struggle to meet even less ambitious climate targets. Why this is a problem One might commend NZ Post for their transparency in disclosing their decision to withdraw from SBTi. However, so far the announcement hasn't been included in the company's media releases and remains tucked away in the sustainability section. The broader issue is that businesses can use SBTi to gain reputational value without following up with required decarbonisation. The current SBTi setup has some limitations that allow such behaviour. For instance, companies can make an SBTi commitment and promote it for two years before having to submit an actual target for validation. Businesses can also promote their SBTi targets for years without making required progress. Finally, some SBTi businesses provide limited reporting, making assessment of their progress difficult. In a 2025 consultation, SBTi acknowledged some of these problems and signalled its plan to enhance tracking and accountability. Climate action vs profitability There are other issues that make transparency limited. For instance, businesses such as Air New Zealand seem to be able to withdraw from the SBTi and fully disappear from the SBTi public target dashboard, making it difficult to track those that have decided to withdraw. While most SBTi businesses are probably not joining the scheme with the intention of 'carbonwashing', the ability of many to meet their targets seems uncertain. In business contexts, climate action remains subordinate to profitability and revenue growth objectives. Hence, not many businesses are willing to pursue all potential ways to meet their targets as this would require making difficult decisions around economic objectives. Many companies struggle to make progress towards science-based goals or don't have credible transition plans aligned with the goal to keep overall warming at 1.5°C. The question remains whether the current SBTi engagement of businesses genuinely reflects ambitious climate action or whether it is merely designed to give stakeholders the impression of global progress through symbolic commitments. In its 2024 climate disclosure NZ Post states: The more organisations committed to the science-based reductions, the greater our collective ability to achieve decarbonisation. The opposite is true as well. The decision of NZ Post and other companies to drop their SBTi targets may diminish the collective ability of businesses in New Zealand to achieve decarbonisation aligning with global climate goals. SBTi's plan to implement new monitoring and reporting mechanisms would enhance accountability. However, it will not make meeting targets any easier. Committing to and promoting ambitious but potentially unrealistic targets can cause reputational damage. A safer pathway for many businesses wanting to do as much as they can within the boundaries of the current economic system may be a public disclosure of their support for climate action, transparency about the actions the business is taking, and providing transparent and detailed emissions reporting.
