Insolvency specialists PricewaterhouseCoopers have been appointed as joint receivers to the parent company of leading shaftmakers Apollo Sports Technologies.
West Midlands-based Apollo Sports Holdings, which also owns bicycle-frame manufacturers Reynolds Cycle Technology, previously had a turnover of àº8.5 million and more than 260 employees.
But PricewaterhouseCoopers partner David Wilton said: “Partly due to the poor performance of Apollo’s US parent company, Coyote Sports, and the resulting declining cash receipts to the UK companies, the two businesses have gone into receivership.
“However, there is already significant interest in the businesses and we are involved in discussions with several interested parties. We very much hope to sell the businesses as going concerns and believe they should attract substantial interest. While it would be preferable to sell both to a single buyer, offers for just one will also be considered.”
Towards the end of last year, Coyote Sports liquidated all their assets, including their shaft division Unifiber, and filed for bankruptcy protection under Chapter 11 in September.
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