Canterbury's owners put brand up for sale

Long-standing New Zealand sportswear maker Canterbury is on the market, after its Bahrain-based owners decided to place its European business into administration.

Canterbury's London-based administrators say the entire group, including divisions in Australia, New Zealand, Japan, South Africa, the Middle East and the United States, is up for sale, as it struggled in overseas markets, the New Zealand Herald reported.

The news comes after Canterbury Europe went into administration this week, only a year after agreeing a sponsorship deal worth up to Stg4 million ($NZ10.4m) with the Scottish Rugby Union that was to last until 2011.

Canterbury's Australasian chief executive Scott Chapman said he had briefed the company's customers - - and all had been "very, very positive and supportive, which is nice ... . at this difficult time".

Sports teams in Australia and New Zealand, such as the Warriors and the Australian Rugby Union, have been told the latest move will not affect the company's local operations.

Canterbury has four stores in New Zealand, and employs about 60 non-retail staff on both sides of the Tasman. They would be unaffected, Mr Chapman said.

He was confident someone would be keen to buy the 105-year-old brand.

Companies Office returns show Canterbury has been losing money for several years. In 2007 it lost $5.5 million -- an improvement on the $18.2m loss the previous year.

The New Zealand operations made a small profit, but all other subsidiaries lost a hefty amount of money.

Canterbury supplied the All Blacks' jerseys for 75 years, but lost that contract to adidas in 1999.

Canterbury is part owned by American-based New Zealander David Teece and is controlled by a Bahrain private equity fund, owned by a Kuwaiti bank, Kuwait Finance House (KFH).

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