Troubled Lynx brought out of administration
Article Media Click images to enlarge +
Troubled UK-based Lynx Fishing has been brought out of administration following its acquisition by a supply chain company.
Angling International reported last month in its fortnightly newsletter, Communique Live, that the Alnwick, Northumberland-based business was on the brink of being rescued by a new management team.
Today it has been announced that GMS, a leading supply chain management company, has acquired the company, which won two awards on its debut at EFTTEX in 2012 for its groundbreaking Precision Compression Technology.
With a turnover of £11 million, GMS provides supply chain management services to a variety of organisations. These range from blue chip companies to small bespoke product owners on an international basis.
GMS Managing Director, Owen Ingram, is confident that the technology launched by Lynx can realise its true potential under new ownership. “It could be a watershed moment for the industry. If you look through history the most often asked question has been how do you attach a hook to a fishing line.
“The Lynx Precision Compression tool allows for a quick, easy and repeatable method of doing that without the fuss of an irregular knot.
“Market feedback tells us that the product has a very bright future in what is regarded as the largest recreational sport in the world”
His starting-point for re-energising the brand will be in a number of overseas markets such as the USA, Japan, Scandinavia, Germany, Australia and New Zealand. Orders have already been committed within these countries with further opportunities to follow.
Distribution discussions with the likes of South Africa, Canada and Latin America are also advancing.
GMS will be employing some of the original Lynx employees. Andrew Petherick, Lynx Managing Director, said: “It is very encouraging to have the resource and support of GMS at our disposal. Drawing on their engineering, sourcing and fulfillment knowledge has been a breath of fresh air. Lynx can now look forward with confidence to the opportunities that exist in the market place. We are really excited about our product potential moving forward. We have a lot of exciting concepts in the pipeline.”