MBO at Reynolds

In our story of 18th Jan on the collapse of Reynolds because of cross-guarantees between Reynolds and Apollo, we mentioned the possibility of an MBO
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And lo and behold there has been one. Reynolds management team led by Keith Noronha have signed a deal to bring the illustrious brand back into British ownership. The trading company is now called Reynolds Cycle Technology (2000) Ltd.

The other members of the MBO are Terry Bill (Sales), Derek Ingram (Production), Emma Turrall (Customer Service), and Ray Weaver (Development) all of whom worked with the previous company.

The business will continue on the Tyseley site in Birmingham, which has been home to Reynolds tubing manufacturing since 1917.

Noronha, MD of the new company said: 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. Reynolds 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 will specialise in high performance materials for the bicycle industry using skills and processes developed over the years. We can proudly point to a number of technically innovative ideas that have been engineered on this site into designs with a long potential product life. Reynolds legendary 753 and 531 brand tubing still continues in production. We have a strong future with air-hardening steel (853) as well as the recently introduced butted 3-2.5 titanium (Reynolds 2000) and butted aluminium-lithium alloy (X-100) now adding to our product range.

The previous company (Reynolds Cycle Technology Ltd) was acquired by Coyote Sports Inc. in September 1996 from TI Group Plc. Coyote expanded its operations through a series of acquisitions in the US that included Unifiber graphite golf shafts but had to file under Chapter 11 in June 1999 while it attempted a reorganisation of the company finances.

E-mail Toptubes@reynolds-cycle.com

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