An Alnwick fishing firm has been bought out of administration and is now looking towards continued growth and success under new ownership.
Now it has been revealed that supply-chain management company GMS has acquired the firm for an undisclosed figure, that includes all stock and intellectual property assets. The companies originally met when Lynx started development of the first product range which GMS have manufactured.
With a turnover of £11million, GMS provides supply-chain management services to a variety of organisations. These range from international blue-chip clients to small bespoke product owners on an international basis.
GMS specialise in engineered components and assemblies and it is the first acquisition that the company, located in the Tyne Valley, has undertaken and heralds the next phase in the company’s development.
GMS managing director Owen Ingram is confident that the technology can realise its true potential under the company’s ownership.
“It could be a watershed moment for the industry,” he said. “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 fixing hook to line without the fuss of an irregular knot. Market feedback tell 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 to the likes of South Africa, Canada and Latin America are advancing – as the technology forays further into the international market.
Mr Ingram added that ‘in addition to the sale of the precision tool, the product also uses a range of consumables such as hooks and ancillary attachments. This revenue will be on going and can be estimated at 100 per cent of the cost of the tool per annum for the lifetime of the product’.
GMS is delighted to have been able to employ 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.”