EPE, the Netherlands - Twinny Load, the manufacturer of bike carriers, goes into liquidation immediately. Since June 2009 Twinny Load is an independent company, 100% owned by the Felua Group. The Felua Group got under financial pressure because of declining funding and budget cuts by the local authorities forcing them to find a suitable acquisition candidate for Twinny Load.
The Felua Group is a state supported organization providing sheltered employment. The organization has to deal with changes in social legislation, and consequently increasing funding pressures. In view of this, the company decided to look for a take-over candidate for Twinny Load. The Felua Group could no longer bare the financial risks of a commercial entity within its organization.
“Some potential take-over candidates were very serious,” said Bart Wiegant, CEO of Twinny Load. “Unfortunately that has not led to a bid providing enough perspective for the Felua Group to finalize the deal. Therefore we decided to liquidate Twinny Load. The business will be withdrawn gradually. We strive to do everything as neat and respectful as possible with respect to our employees, customers, suppliers and other stakeholders.”
Over the next few weeks it will become clear how the final liquidation will be settled.