One of New Zealand's oldest and best-known brands is looking for a new owner, after a turbulent time in overseas hands.
Sportswear maker Canterbury of New Zealand is seeking a new investor, following a decision by its Bahrain-based owners to place its European business into administration.
The move has left several European sports teams looking for new gear, and the Scottish Rugby Union was yesterday forced to cancel a launch it had planned of its national team's kit for the new season.
A Scottish newspaper reported the Scotland shirt was among Canterbury's best sellers.
Earlier this year, the future of its contract with the Springboks was also thrown into question, after its South African licensee went belly-up. A new supplier was found.
Sports teams in Australia and New Zealand have been told the latest move will not affect Canterbury's local operations, but the company's London-based administrators have confirmed that the entire group, including its divisions in Australia, New Zealand, Japan, South Africa, the Middle East and the United States, is up for sale.
Accounts filed with the Companies Office show the company has been losing money for several years.
The most recent accounts available, for 2007, show it lost $5.5 million, compared with a $18.2 million loss the previous year.
While its New Zealand operations made a small profit, all its other subsidiaries lost a large amount of money.
The company's Australasian chief executive, Scott Chapman, said he had briefed all Canterbury's customers - including the Warriors and the Australian Rugby Union - about the situation, and all had been " very, very positive and supportive, which is nice . . . at this difficult time".
Canterbury has four stores in New Zealand, including one in Dunedin.
