The Irish sports and outdoor toys company, Yvolve Sport has secured its survival thanks to key funding from its now majority shareholder, Sino Foreign Trading.
As part of the new relationship, Sino Foreign Trading will provide the support to strengthen the company to expand its global efforts and strength of brands in Yvolution and the popular Y Flicker Scooter.
Last month an interim examiner was appointed to Yvolve Sports Ltd after a court was told it was required to protect an important contract the firm has with the US retail giant, Walmart.
A shareholder in the company, Cloverglade, sought the protection of the court due to the bankruptcy of one of its major customers, Toys R Us, which has resulted in cash-flow problems, as well as a dispute between Yvolve’s Irish and Taiwanese-based directors.
Aillil O’Reilly from Sino Foreign Trading Company, however, said that it had funds to recapitalise the company and save 41 jobs at the Irish company.
“We are very excited to enter this new chapter in Yvolution’s history and know that we have a bright, strong future ahead of us,” said Padraig Bracken EVP and commercial director, Yvolution.
“It is exciting to know that we will be able to continue pursuing our mission of developing innovative, versatile and quality ride-ons that promote a healthy lifestyle for children.”
Yvolution products are available at retailers nationwide, including Walmart, Target and Amazon.