UBCO rescued by New Zealand investors

B2B News | UBCO has been rescued from receivership by a group of investors, which includes three well-known wealthy families from New Zealand and its previous main shareholder, Jubilee Investments.

The company, based in Mount Maunganui, entered receivership in January with debts amounting to $35.7 million. It has now been reorganized under a new entity called Utility Fleet Vehicles, and has resumed operations with a smaller team and a revised strategy focusing on fleet sales and defense applications, according to the NZ Herald.

The new owners include Sir Stephen Tindall (via K1W1), Peter Goodfellow (Avalon Asset Management), and the Holdsworth family (Evander Management), who together now hold a majority ownership. Jubilee retains a significant share with 39%.

UBCO’s Australian subsidiary and New Zealand finance branches, neither of which were in receivership, are also part of this new arrangement. The company will keep its 21 employees at its Mount Maunganui location, and Taiwan’s TPK will continue as the contract manufacturer. Oliver Hutaff has returned to the role of CEO.

The company is moving its focus from expanding in global retail markets to targeting commercial fleet and utility markets. Australia Post remains an important client, with potential new contracts in Europe and the US, as mentioned by the Herald.

Receiver Stephen Keen of Grant Thornton informed the NZ Herald that the business was sold through an asset sale process. More details will be revealed in a second receiver’s report expected in late September.

Source: EVs & Beyond | NZ Herald