Electric bike company UBCO is back in business, emerging from receivership with a refreshed business model focused on serving the fleet market with vehicles designed for work.
UBCO’s business assets have been acquired from the Receivers by Utility Fleet Vehicles Ltd. Majority-owned and operated in New Zealand, the new company has retained a highly skilled team of 21 people and is centred on building high-performance, work bikes.
The acquisition also includes UBCO’s Australian subsidiary, and UBCO’s NZ finance subsidiary, which serves fleets on subscription, neither of which were placed into receivership. The new business, which retains the UBCO brand, is committed to markets where it has a high degree of confidence and product-market fit.
Utility Fleet Vehicles CEO Oliver Hutaff says the company has returned to its roots with a sharper focus and renewed energy for delivering robust, durable electric vehicles.
“We’re focused on building electric utility vehicles for fleets like postal services, agriculture, conservation, law enforcement and military applications.”
“We know what works, and what doesn’t, and we’re back with a tighter focus. We’re incredibly grateful for the backing we’ve had from those who believe in the vision, the product and the people. We don’t take that for granted.”
“This next chapter is all about sustainable growth, customer-led product development, and a fleet-centric approach that positions us for long-term success.”
UBCO’s fleet-first approach is already gaining traction, with new partnerships under discussion in a range of key sectors. Product upgrades are also in advanced development for the 2x2 model and the purpose-built Duty bike developed in partnership with postal agencies.
The company’s refreshed structure includes a shift to working with dedicated distributors in offshore markets, rather than directly operating in every country. This ensures simpler delivery, improved economics, and alignment with partners who believe in the long-term potential of the product.
Utility Fleet Vehicles General Manager of Global Fleet and Business Development, Grant Payton, says the company’s new direction is a return to first principles.
“We’ve gone back to what made UBCO great in the first place – a utility bike built for work. It’s about customer-driven design, targeted markets, and a sustainable business model.
“The product still has so much potential. We’re focusing on our customers, product development, distributors, our dealer and support network, and we’re optimistic about what’s next,” says Payton.
Stephen Keen, one of the appointed receivers from Grant Thornton New Zealand, says after a robust sales process, they are delighted with this outcome.
“It’s fantastic to see a Kiwi business continue its legacy with key team members remaining – something that’s particularly challenging in today’s economic environment where distressed businesses face significant loss of talent and even closure.”
While Utility Fleet Vehicles’ primary focus is on commercial fleets, individuals, including past purchasers from the former business, can still buy UBCO bikes and parts through the dealer network.
Key fleet trials are underway and further updates on partnerships and product launches are expected in the coming months.
“Not many companies come through a process like this with their core team retained, their product refined, and their direction clearer than ever,” says Hutaff. “That tells you a lot about the strength of what we’ve built and where we’re headed.”
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Key facts:
- UBCO has emerged from receivership with new NZ-majority ownership
- UBCO is now owned by Utility Fleet Vehicles Limited
- 21 staff retained across engineering, operations, sales and leadership
- Focused on utility-first fleet bikes for agri, conservation, military/law enforcement and postal sectors
- Product upgrades underway for both the 2x2 and Duty models
- New distribution model for offshore markets
- UBCO remains based in Mt Maunganui, NZ