BIRMINGHAM, UK (26 January 2000)--After 100 years of tube manufacturing, a private company comprising five former Reynolds' managers has acquired Reynolds' cycle tubing business in the UK. The company's name has been changed to Reynolds Cycle Technology (2000). The move comes after continuing problems by Reynolds' previous owners, the US-based Coyote Sports. Inc., which filed bankruptcy last year. Leading the management buyout is MD Keith Noronha, who is joined by Terry Bill (Sales), Derek Ingram (Production), Emma Turall (Customer Service) and Ray Weaver (Development), all of whom worked for the former company.
"The management are delighted to finally complete the deal, as there have been a number of uncertainties in the aftermath of the Coyote Chapter 11 filing last year," said Noronha, managing director of the new company. "We were able to continue operations pending a sale and received a high level of support and commitment from both customers and workforce during the difficult last few months."
Reynolds Cycle Technology (2000) will continue to specialize in high performance materials for the bicycle industry using the skills and processes developed over the years. It is not yet clear what will happen to Reynolds' sister company Apollo. Apollo supplies some of the raw materials from which Reynolds' butted tubing is made. Reynolds in the meantime has been making alternative supply arrangements.
Coyote Sports Inc. acquired Reynolds Cycle Technology Ltd. in September 1996 from TI Group Plc. However, in June 1999 its US subsidiary Unifiber, producer of graphite golf shafts, declared bankruptcy. This started a domino effect that eventually led to the Chapter 11 filing by the mother company Coyote last year. (JW)