Iconic Australian brand Alvey Reels will shut permanently after 102 years in coming weeks as a result of immense market pressures.
After more than a century in business, Australian fishing reel brand Alvey Reels will shut up shop permanently.
Increased cost pressures have forced the Queensland-based manufacturer to close its doors after 102 years, according to a statement released on Monday.
The company announced it had “made the difficult decision” to cease operation on June 30.
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It cited issues with sourcing raw materials, “drastic” cost increases, significant and increasing domestic and global supply chain logistics issues, and staff shortages caused by the Covid-19 pandemic.
The company still had “significant supplies” to clear and has planned a “structured sell down”, the statement said.
“We anticipate running with warehouse/dispatch and administration staff with current stock on hand, which will carry us through to January/February 2023, but we will not be able to remain open after this time,” it read.
Products will remain available via its website, and authorised retailers will continue sales until they run out of stock.
Calls to company phones will be diverted to an answering service to assist the admin team.
“We at Alvey Reels deeply regret this difficult decision, and while we commit to supplying as many of our products as we can for as long as we can, our immediate priorities are our loyal staff, our dedicated retailers and passionate supporters and customers,” the business said.
“On behalf of the Alvey Team, we thank you all for your 102 years of support.”
The company experienced significant export market growth, product innovation and expansion as it entered its centenary year of 2020.
Its success came off the back of an announcement in 2017 from Bruce Alvey – a descendant of the man who founded the business in 1920 – that it would need to shut because of plunging sales.
When the news broke, there was an outpouring of support for the company that allowed it to continue trading.
It ultimately attracted attention from Con Athans, who expanded the business to include a broader range of gear, including high-end apparel.