Reynolds Cycling Technology will have new owners by Christmas, Keith Noronha, Reynolds vice president general manager, told BikeBiz today. This is due to their American owners filing for Chapter 11 bankruptcy on 22nd September. Coyote Sports Inc. are based in Boulder, Colorado and owned Apollo Golf Inc. and Reynolds Cycling Technology, both English companies. Coyote has now been delisted from the Nasdaq Stock Market and has been divesting itself of companies for the past few months. It recently sold off Reynolds Composites which made carbon bicycle forks and tubing.
Noronha is keen to stress that Reynolds is a going concern and no staff have lost their jobs.
Some of our competitors have been spreading rumours were going under. Were not. The standard guff is to say everything is normal. Clearly its not but were not at risk of collapse and were still supplying customers.
Noronha was quoted by the US-based Bicycle Retailer website (www.bicycleretailer.com) as saying Reynolds is a born survivor:
"When Reynolds reviewed the archives for the photos and stories for its 100th anniversary last year, it shows we survived two world wars, including bombs on the factory, at least four major industry recessions and several product line changes. The issues currently affecting ownership
would fall into the category of a spot of bother as the English would say.
He told BikeBiz that discussions were under way with new owners but that nothing could be announced just yet.
As is the way of these things its probably going to be four to six weeks before we can make an announcement of the new ownership. Everything will be sorted before Christmas.