German adventure accessory company file court papers after forcing a re-organisation in order to overcome demands of the adventure bike market.
In what feels like a very carefully prepared and optimistic move, the German accessory company Touratech are reported to have filed for bankruptcy after taking advice from their lawyers.
In a statement released by Touractech’s US importer – and one echoed soon after by their UK equivalent – it’s believed that after taking advisement from their legal team, Touratech AG will be using the German bankruptcy rules to aid a re-organisation of the assets and liabilities of the business in order to ‘allow the company to continue serving the parts and accessories segment of the adventure touring market’.
As companies that operate separately from their German associate, both the UK and US importers have been quick to stress that business will continue as normal for them.
A further statement from the German luggage and accessory manufacturer states that, ‘wages and salaries have been paid and the initial phase of provisional insolvency will be used to gain an overview of the economic situation of the company and to examine restructuring options’.
Whilst the exact reason for the bankruptcy and restructure isn’t clear at the time of writing, it would appear that the company – based out of Niedereschach, Germany and an employer of over 400 people in the country – has struggled to maintain financial stability due to cashflow issues caused by delays in a new logistics centre that is currently under construction. This delay in the launch of the new facility has caused losses in production, supply and of course those much needed funds.
The statement from Touratech UK reads,
“There has been a lot of speculation and talk over the weekend, over the press release which was sent out on Friday 11th August regarding Touratech Germany starting Insolvency proceedings. We have been informed that this is a process under German law that allows Touratech AG to restructure, giving Touratech AG the opportunity to get it working as it should be.
We would like to take this opportunity to reassure you that we have been told from Germany’s, the UK’s, and the rest of the World’s point of view, it is business as usual.
Firstly, Let me put it into some context Touratech UK, and all the distributors were all unaware of the current situation of Touratech Germany. We received an email at close of play on Friday at 17.05pm, where we were told exactly the same time as everyone else. This came as a complete shock to us.
Touratech UK like all the distributors worldwide, are independently owned companies. We are all importers of Touratech products and we have been informed that we will not be affected by the restructuring in Germany. Even though we have had supply issues in the past, we as a company have still continued to grow. This year alone UK sales are up due to the continued demand in the adventure bike market.
I can confirm from the Touratech UK customer’s point of view, nothing has changed. Touratech has been producing quality products for years and will continue to do so. The company is known for quality, innovative ideas and inspiration for adventure riders. We have been told that the production and delivery of Touratech products will continue without any interruptions during this restructuring process.
Nick and the team feel that the loyal customers of Touratech already know that the Touratech brand is the brand to be with and will be around for a long time to come. Touratech UK customers are always at the forefront of everything we do and we try to provide the right customer service culture to maximise customer satisfaction.
Touratech UK is 100% supporting Touratech Germany throughout this process, I know the Touratech brand will be a lot stronger for it.
Nick Plumb – CEO Touratech UK”