BikeBiz Bicycle and cycling retail news
Following the news of Kettler filing for bankruptcy earlier this week, BikeBiz has been passed a statement revealing that Kettler GB is unaffected by the ‘restructuring’
Here’s the statement:
"Heinz Kettler Gmbh & Co KG, the manufacturer for garden furniture, sports and leisure products in Europe, has entered a period of self-administration in order to restructure its German business and to help make that company stronger. The UK operation, Kettler (GB) Limited, is unaffected.
Commenting on the news, Paul Bevington, Kettler GB Managing Director, said: “This step allows the German management to build a stronger business. As a successful independent company within the KETTLER Group, Kettler (GB) Limited welcomes the restructuring and the benefits it will bring. This is an important milestone in our 66 year history and an essential part of positioning the business for the next 60 years. ‘Made in Germany’ remains a core strategy for many product areas and we must maintain that status.”
A restructuring board has been formed and includes the existing sole shareholder Dr. Kettler and Mr Christian Krause as Chief Restructuring Officer with Mr. Christoph Schulte-Kaubruegger of law firm White and Case acting as trustee."
