25 March 2009 - The business of Tritec Manufacturing Limited, manufacturer of the iconic Mountain Buggy branded products, has been sold to New Zealand-based buggy company phil&teds, in an unconditional deal that will settle on 31 March.

PricewaterhouseCoopers receiver John Fisk says the deal will ensure that the Mountain Buggy business continues to deliver the popular products that have become well known around the globe.

"We are extremely pleased to have completed the sale of the company as a going concern, which will see the continuation of a great brand, " he says.

He says that throughout the sale process all parties had recognised the success of the Mountain Buggy brand, and had expressed a desire to see the continued growth of the Mountain Buggy product reputation.

"There will be an initial six-month transition period with the receivers, so as to ensure the continued operation of the business and continued seamless customer service. We are working constructively with phil&teds to ensure the whole process flows smoothly."

"Tritec staff have been informed of the sale, and their current employment contracts will be extended to allow the important human capital within the company to be retained."

John Fisk and Colin McCloy of PricewaterhouseCoopers were appointed receivers of Tritec Manufacturing Ltd on 12 January 2009. Recognising the strength of the products and brand, the receivers made an early decision to continue to trade the business and to sell it as a going concern.

John Fisk: "The terms of the sale are currently confidential, however, the outcome is very pleasing and ensures the best result possible for all concerned, including the opportunity for ongoing employment and business for suppliers in the receivership. In addition, it enables the business to remain under the ownership of a New Zealand company."

The outcome of the receivership is that all preferential creditors will be paid in full, although there is unlikely to be any surplus available to unsecured trade creditors.