LONDON, UK – Yesterday, Ultra Motor Ltd. has filed for Administration in the UK which is comparable to the Chapter 11 bankruptcy protection in the US. The company has sold its subsidiary Ultra Motor Taiwan to a group of European private equity investors. Administrators are exploring the sale of Ultra's E2W business, including the A2B range, pictured here.
Ultra Motor Ltd. is the holding company that after selling its Taiwan subsidiary still holds two distributing companies located in the Germany and the United States. Next to that there are subsidiaries controlling the Ultra's E2W business, including the A2B range.
According to David Scrivener from Ensors Chartered Accountants, who is handling the Ultra Motor Administration, the reason for the financial problems is in the fact that Ultra Motor’s products didn’t sell as planned. “The investors in the company lost faith and restricted further investments. The company is not burdened with huge debts and we are looking to sell the complete company.”
The Ultra Motor holding company in the UK had a staff of ten. The subsidiary in Taiwan was the biggest company in terms of the number of employees with a staff of 100. Ultra Motor Taiwan was sold yesterday to a group of European private equity investors. According to Bernd Becker, CEO of Ultra Motor Taiwan, these investors come from the electric bike sector. They will continue the Taiwan company under the same name.
Ultra Motor Taiwan is an e-bike propulsion systems business which includes the electric motor manufacturing plant located in Taoyuan, Taiwan, as well as the power electronics R&D facility in Taipei. As part of the acquisition, Ultra Motor Taiwan has received additional funding to finance its growth and continued R&D activities.
“We are excited to become a stand-alone company and single-mindedly focus all our resources on the continued growth of our successful motors and propulsion systems business. Over the past 12 months, we have expanded our customer base for e-bike motors and propulsions systems worldwide and we are delighted to receive strong financial support for our further growth,” said Bernd Becker.
As said, Ensors Chartered Accountants, is handling the Ultra Motor Administration. For information contact David Scrivener from Ensors on +44 1473 220022 or www.ensors.co.uk.