As of a few hours ago, KordaMentha were appointed receivers and managers of GMC, which obviously also includes Triton (rumours of its recent sale were unfounded).
They are going to sell it as a going concern (if there is any buyers). So we watch and wait to see what is next. The company has gone from sales in excess of $300 million in 2005 to around $100 million in 2008.
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Filed under: Manufactures and Suppliers | Tagged: GMC, Receivership, Triton
Thats a bit sad I have just ordered a Triton wet sharpener. I supppose the GFC (Global Financial Crisis in Rudd Speak) will be blamed. I still have a lot of Orange stuff and still like the saw centre for its portability. But lots of teh p[otmosed products have turned into vapourware or suffered from poor supply chains.
I hope that they do survive particulalry the Triton brand.
I just hope someone out there takes over Triton , & brings it back to it’s former glory .
Long live the orange tools
My complete – out-on-a-limb prediction:
George Lewin will come out of retirement and buy back Triton
Hi Stuart, Any progress on this today? Thinking of all the staff at GMC and Triton and wishing them the best possible outcome.
Not from here – it’s pretty quiet on the surface, but I’m sure there are plenty of discussions going on in back rooms around the place.
The first creditor’s meeting happened this week, as required a set number of days after a company goes into Administration, basically approving the Administrators. There is another meeting of creditors scheduled for mid Jan or so, when the actual future of the company will be discussed – presumably if there are potential buyers, the option to sell will be on the table. If there are not, then the options narrow dramatically.