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.