GMC is in Receivership

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.

Articles:

The Age Business Day

The Herald Sun

6 Responses

  1. 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.

  2. I just hope someone out there takes over Triton , & brings it back to it’s former glory .

    Long live the orange tools

  3. My complete – out-on-a-limb prediction:

    George Lewin will come out of retirement and buy back Triton 🙂

  4. 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.

  5. […] note: It is now history, but even GMC didn’t survive, and almost took Triton down with it. I was demonstrating Triton the night that GMC folded, which […]

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