Phil & Teds buys debt-ridden Mountain Buggy

New Zealand firm phil&teds has purchased defunct children’s buggy manufacturer Mountain Buggy.

Parent company Tritec Manufacturing -which makes the buggy - and Mountain Buggy New Zealand went into receivership at the end of January with an estimated debt of $22 million.

No details on how much the company was bought for have been released.

Receivers PricewaterhouseCooper have sold the business as a going concern.

Phil&teds chief executive Campbell Gower says: “We’re incredibly excited about adding value and building the business even further.”

“phil&teds will run the Mountain Buggy factory in New Zealand before making any decisions. The key is to be internationally competitive.”

“Basically it will be business as usual to ensure that we maintain market confidence in the high quality Mountain Buggy brand and product,” he adds.

Mountain Buggy has 89 staff and a factory out in Lower Hutt, which will continue to operate in the short term.

Mr Gower adds that phil&teds feels they have a lot to learn from Mountain Buggy as a company and by buying the company have gained some very talented people.

This is the second purchase made by phil&teds recently – the company has also bought New Zealand’s leading roof rack and automotive accessory business Hubco.


1 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

Look at this!

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6977 0.0015 0.22%
AUD 0.9169 0.0047 0.52%
EUR 0.6094 -0.0036 -0.59%
GBP 0.4775 0.0009 0.19%
HKD 5.4121 0.0120 0.22%
JPY 74.1560 -1.0510 -1.40%

Commods

Commodity Price Change Time
Gold Index 1292.7 26.930 2016-04-29T00:
Oil Brent 47.4 -0.400 2016-04-29T00:
Oil Nymex 45.9 -0.110 2016-04-29T00:
Silver Index 17.8 0.240 2016-04-29T00:

Indices

Symbol Open High Last %
NZX 50 6790.0 6822.1 6790.0 0.45%
NASDAQ 4805.8 4807.9 4805.3 -0.62%
DAX 10235.5 10252.1 10321.1 -2.73%
DJI 17813.1 17814.8 17830.8 -0.32%
FTSE 6322.4 6322.4 6322.4 -1.27%
HKSE 21215.2 21235.4 21388.0 -1.50%
NI225 17439.0 17572.3 17290.5 -3.61%