Hey,
Ive been hearing rumors that T&T is going out of business??? Can anyone verify this?
Tom
The web site has the 2010 catalog on it, so it seems they plan on being around for a while. The rumor I heard was that they were being bought rather than closing down, but I don’t know by who and I’ve heard no comfirmation on the rumor one way or another.
i have heard that there was/is a sale going down. that’s all i’ve heard.
they just re-issued their fiberglass rod , so i dont think so…
First, just because a company looks like it’s in doing well and in business (e.g. catalog, new products, etc) doesn’t mean it’s doing well. Most companies that go under do so with vigor.
That said, here’s my contribution to the rumor mill: Bought by another company and is being “right sized” with the intent of continuing.
Total speculation: the Madoff clan (yes, THAT, Madoff clan) owns/ed Abel, at least a portion of T&T and reportedly some British fly fishing outfit. They’re selling the pieces to raise capital.
T&T has been the subject of many sale rumors. Some of the “rumors”" have been the report of its most recent sale, which is not that recent.
I had heard a rumor that Lon Deckard had taken it back, he was the previous owner, before the Madoff son. I still had his contact information from when he/T&T was a Sponsor here, so I dropped him an email. He was very nice (as always) but said no, he had not taken it back. The Madoff deal as I understand it was a group including the son, bought Sharps of Aberdeen, T&T and Able. The son has been involved with his dad’s schemes and T&T, Sharps and Able are all in trouble. T&T stopped being a Sponsor here right after Lon Deckard sold it, I tried to get them to reup and I was told by Tom Dorsey “They didn’t need our services.” I did not contact them again.
Zach Mathews over at the Itinerant Angler tweated on 2/23 that T&T had laid off their entire employee base. No source for the tweat was given, but Zach has lots of contacts in the industry so I consider this valid information.
Brian
I’m really sorry to hear that - when Lon had it, and before, it was a VERY respected name in fly fishing. Hate to see things like this happen.
Zach is also an attorney as well as an outdoor journalist. He would be unlikely to make such a public statement without confirming it.
is the madoff mentioned the son of bernie madoff? and that’s why those properties are going under?
Yes, he is Bernie Madoff’s son.
Flyguy,
Thanks for the follow-up on this one. I spoke to Zach today via email and he confirmed his source was an industry insider whose information he then confirmed with other independent sources. I’m with Zach in that I hope the best for the employees of T&T as they look for work in this difficult economy.
Brian
Just saw this posted over on The Itinerant Angler,
"Guys -
I called T&T myself to get to the bottom of this and according to their phone operator, they had simply gone through what I guess would be termed a temporary layoff due to the snowstorms up in the Northeast. She assured me that T&T is NOT going out of business (and of course that means that they still will be honoring warranty claims). If anyone has been trying to get in touch with T&T, they are now answering their phones.
Zach"
So it looks like T&T is still in business, just suffering from a spate of really bad weather in the Northeast. Sorry to have passed along a rumor.
Brian
I do a bit of X-C skiing so I regularly check the NOAA snow depth map which is updated daily
While there’s plenty of snow in the Berkshires just to the west (where I’ll be tomorrow), in the valley where Greenfield is located there’s less than 4 inches
If that’s the reason they were closed, I’d be very surprised
something’s fishy.
Thanks for the replies, but it still seems like different stories are coming through. I have heard from a few sources that it was the snow that shut T&T down for a little thus the resulting lack in communication. I guess time will tell…
Thomas and Thomas press release
Press Release
Thomas & Thomas Rodmakers Inc
In the past two weeks we have undergone a series of issues relating to our building in Greenfield which have coincided with some severe weather and a planned holiday. The severe weather knocked our phones and internet down and as a result our service level has not been at our usual high level for which we apologise to all our customers worldwide.
This coming week we will be getting our process back up and running and it will take a little time to get back to our full capacity.
In the midst of this disruption to normal service, Iain Parker has decided to return to the UK for personal reasons a little ahead of the original plan. I wish to thank Iain for his valued service to the business and know he will continue to be a longstanding friend to the brand and the rod builders in Greenfield where in his short time he established some lasting friendships.
From March 1, I will take full control of the brand and it?s global activities. Tom, Erika and the crew will report to me directly on all matters.
We have some exciting new products in process which we will have available in the coming months and I look forward to leading this prestigious brand to the levels of performance it deserves.
Ends
For further information please contact
Gerry Metcalfe CEO
gerrymetcalfe@aol.com
+44(0) 7740 450 887
GERRY Metcalfe has again taken control of Thomas & Thomas – buying the business back from Lon Deckard. The shock news…
The shock news sees the much-maligned ex-Sharpes’ front man at the helm of, what is viewed by many in the trade as, the finest bamboo and graphite rod maker on the planet. After completing the deal Gerry told us: “The Thomas & Thomas brand is globally renowned in the fly fishing world and it’s my intention to ensure the business develops to its full potential guided by, as always, Tom Dorsey and his loyal team.” Neither Gerry nor Lon would comment on the terms and conditions of the deal.
However, Lon was keen to clear up much of the gossip that has surrounded Thomas & Thomas and Gerry Metcalfe for the past few years.
“I have known Gerry for many years and his 22 years of experience in this industry distinguishes him as a leader and a survivor, both significant qualities which will assist his efforts to drive the Thomas & Thomas business forward,” said Lon.
“There has been much hype and confusion surrounding Thomas & Thomas recently – something that I haven’t been able to talk about for legal reasons until now,” he added.
“The problems began when I sold Thomas & Thomas to Sharpes Incorporated, the US subsidiary of Sharpes Ltd. Unfortunately, the conditions of this sale were not met and lead to litigation which ended in my favour.
“Through the appropriate legal steps I reacquired the assets. That was in November 2007.This put me in a position to be able to sell the business.”
TTW believes that the sale was more than amicable – with Gerry and Lon remaining good friends.
always better to just tell the truth, even if the only truth you can tell is “we can’t say anything right now due to the legal implications.” all this nonsense about snow shutting them down when their own folks were reportedly saying they were laid off for other reasons and no other nearby businesses were shut down due to weather and all that stuff just hurt everyone’s credibility who was involved. now what parts do we believe and what don’t we? the two guys who are smiling? the one who isn’t? the handshakes? the “now i’m telling the truth?” it never pays to dissemble when it comes to pr. it damages the brand and you pay for that somehow…somewhere. and that converts to real $$$ at some point. that’s my 2 pennies after all this.