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Ultra Motor Ltd. Filed Chapter 11

8 6328 Sales & Trends

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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.

by Bike Europe

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8 comments

  • # 1

    phil herzog

    not surprising. they've built some very cool, reliable bikes but judging by their marketing campaigns they spent waaay too much money on advertising and branding, which ultimately undermined their dealer support/service program, my opinion anyway. any ebike manufacturer planning to stay in business in this brutal economy must operate super efficiently, low overhead but high customer service. PH
  • # 2

    James FitzGerald

    Very sad to learn of their demise. I was never a fan of the product but have always admired Mark Loveridge's work - he's one of the better operators here in the UK.
  • # 3

    Paul Rogers

    I personally think the A2B bikes with their high pricing and curious (and heavy) design puts them in too much of a niche market and just not competitively placed in what is an increasingly competitive market.
  • # 4

    jurgen

    Bankruptcy for them this salvation, since many years the firm engaged in fraud. Selling something that doesn't belong to them and what they did.
  • # 5

    Adam

    Jurgen; I hope you have proof of you claim of fraud. That is rather a strong statement to make and you can't back it up. Are you perhaps a disgruntled employee?
  • # 6

    Roger

    Yes They were real fraud and a bunch of cheaters. Good that they have ceased to exist . They were getting all these bikes made in China and making every one fool ,
    They have cheated suppliers and employees all around the globe and their management should be tried for cheating.
  • # 7

    Mike63

    Very sad to read this, I've met Mark Loveridge on a couple of occasions and found both him and Steve to be stand up guys, I hope they both keep their jobs.

    I presently ride a UM44S U Sprite, this is my third electric bike, following a Wisper and a Power Bike, I've tried many more and found this to be the best. Never a minutes bother in almost 18 months.

    Be lucky Mark..Mike (The photographer)
  • # 8

    Keith C

    Mike. Glad to hear that you have had 18 months trouble free cycling with your Urban Mover UM44S U Sprite. For clarity - Urban Mover is still in business and is and always was completely independent of Ultra Motor.

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