Electric motorbike specialist seeks merger, as company plan to make 60 staff redundant
SOME NEWS JUST IN: Electric motorcycle manufacturer Vectrix is in financial dire straits once again. Reports say the company is looking for a buyer, or possible merger, as the global economic crisis digs in.
In January 2008, Visordown broke the news that the battery-powered motorcycle manufacturer was in serious financial trouble, to the tune of a £25million debt. At the time, Andy MacGowan, Chairman and Chief Executive Officer, said: “Our 2007 financial year was marked by several major accomplishments including the launch of our first street legal maxi-scooter. While we have been disappointed with significantly lower sales than originally anticipated, most notably in Italy, we have overcome initial product quality problems and believe that our sales repositioning efforts will accelerate market acceptance. We are taking aggressive steps to reduce costs and increase asset turnover in order to reduce significantly our cash burn.”
Reports say the company now looking at streamlining its workforce; as many as 60 staff are due to be made redundant over the coming months.
