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T&T under new ownership
Post 07 Apr 2011, 01:34 • #1 
Glass Fanatic
Joined: 11/24/06
Posts: 1507
Location: Beautiful View, WA
Looks like the rumors of the past few years were true: http://www.washingtonflyfishing.com/board/showthread.php/77561-Some-news-from-Thomas-amp-Thomas

Thomas & Thomas Under New Ownership

Greenfield, MA - April 5, 2011. Chief Executive Officer of Thomas & Thomas Rodmakers Inc., Gerry Metcalfe, today announced the sale of all company assets.

The Thomas & Thomas brand, machinery, inventory and all other assets were sold to Islamorada, FL based fly fisherman Mark Richens. Concurrent to the asset purchase, Richens also agreed a deal to buy the Thomas & Thomas rod making facility in Greenfield, MA from Lon Deckard of Osprey, FL. The financial details of both transactions were undisclosed.

Metcalfe explained. "The Thomas & Thomas brand is under new ownership. This brings to a conclusion the events of recent years that have troubled Thomas & Thomas Rodmakers. Despite my best efforts, issues arising from the withdrawal of bank funding following the financial crisis of 2007 and 2008 have proven insurmountable. The team at T&T produced fly rods of the highest quality throughout difficult circumstances and I wish to take this opportunity to thank them for their hard work and professionalism.

It is my understanding that Mark will continue making bamboo, glass and graphite rods in Massachusetts under the Thomas & Thomas brand and will seek to recruit key personnel locally. Mark also advised me that he intends to honor warranty repairs on existing T&T rods. He will be issuing his own press release to this effect once he has had chance to discuss his plans with the many industry figures that have supported Thomas and Thomas so loyally over the years.

After putting so much into the company I am delighted to see Thomas & Thomas in the hands of someone with a full appreciation for its rich, forty-year heritage. I know Lon Deckard feels the same way.

Mark Richens is a fanatical fly fisherman, a long time user of T&T rods and a regular on the saltwater flats and trout and salmon streams of North America and beyond. At 39, he has the drive and acumen to re-energize this prestigious brand. He is unwavering in his belief that there remains a place for high quality fly rods, built entirely in the USA by craftsmen. I wish him and all involved with his new company well for the future."



[I moved this thread here because it is news about a significant company in the glass market. Tom]


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T&T under new ownership
Post 07 Apr 2011, 04:50 • #2 
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Joined: 08/14/06
Posts: 1227
Location: Panther City, Texas
I've never fished a T&T that wasn't first class in both looks and performance. I'm glad to see this grand old company was purchased by a fly fisherman who can appreciate the long and illustrious history of T&T. I wish him and the T&T employees well.


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T&T under new ownership
Post 07 Apr 2011, 13:49 • #3 
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Joined: 01/10/06
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Location: Holly Springs, NC
This press release is making the rounds on the internet forums, but I haven't seen any confirmation via a news outlet. I did receive an odd e-mail from T&T yesterday titled "Thomas & Thomas Press Release 4/5/2011". The contents of the e-mail were simply:
Quote:
RE: Press Release
Effective Immediately
Regards,
Trevor Bross
Trevor is the Sales Coordinator at T&T. There were no links to a press release. The T&T website appears to be offline.

A year ago the internet rumor mill was shoveling dirt on T&T's grave. This latest news has more credibility, but very little actual information about the future. We'll see what's left after the dust clears.

Tom


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T&T under new ownership
Post 07 Apr 2011, 15:40 • #4 
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Joined: 05/09/06
Posts: 2517
Location: US
Thanks for sharing that. Good to hear and I hope it all works out as they make a beautiful rod

Image


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T&T under new ownership
Post 07 Apr 2011, 16:08 • #5 
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Joined: 07/17/06
Posts: 5599
Location: South Carolina
Tom ... I received that same empty press release. I emailed Trevor and haven't heard back.


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T&T under new ownership
Post 07 Apr 2011, 16:36 • #6 
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Joined: 03/20/07
Posts: 2544
Location: Wofford Heights, Calif. Kern River
I wish T&T well, Ive owned and fished several of their post 2000 rods and look forward to fishing new models
Richard


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T&T under new ownership
Post 08 Apr 2011, 04:31 • #7 
Guide
Joined: 11/14/10
Posts: 144
Location: South Carolina
Hopeful that they continue to operate, my T&T rods are impeccable.


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T&T under new ownership
Post 08 Apr 2011, 10:48 • #8 
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Joined: 02/06/07
Posts: 1437
Location: US-VT
After watching Diamondback get flushed down the toilet when a non-local entity owned and managed it, I am not feeling very hopeful for the future of T&T. I have been a long loyal fan of T&T and I am happy to still have a few(too many) of their rods in the closet, but ...

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T&T under new ownership
Post 10 Apr 2011, 08:49 • #9 
New Member
Joined: 04/09/11
Posts: 6
I heard that he didn't keep some of the key, senior personnel. Something about his homeland being in England and his family members needing visa renewal ... Can anyone confirm if this is true?


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T&T under new ownership
Post 10 Apr 2011, 08:56 • #10 
Master Guide
Joined: 04/25/07
Posts: 547
Location: US-PA
Rich, Let me offer to help you out with this serious problem of yours, gladly would cast one of those graphite sticks among glass/grass this past weekend at Coburn. As I would have had Mr Grrrrrraphite distracted. Honestly one very very sweet collection; have one fav?


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T&T under new ownership
Post 10 Apr 2011, 11:33 • #11 
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Joined: 02/06/07
Posts: 1437
Location: US-VT
JASTrout wrote:
Rich, Let me offer to help you out with this serious problem of yours, gladly would cast one of those graphite sticks among glass/grass this past weekend at Coburn. As I would have had Mr Grrrrrraphite distracted. Honestly one very very sweet collection; have one fav?

The one on the top is a Horizon SC(Surf Cast) 9wt. The nicest striper beach rod I have ever fished. The rod on the bottom is a 8ft 4 piece 4wt Special Dry Fly Trav'ler which is simply the nicest casting fly rod of any material that I have held.


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T&T under new ownership
Post 10 Apr 2011, 12:18 • #12 
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Joined: 01/10/06
Posts: 7811
Location: Holly Springs, NC
onthefly826,

Welcome to the Fiberglass Flyrodders!

The T&T press release was posted on the AFFTA web site and has been noted at the MidCurrent website. Those two sites are about as reliable as we can find on the Internet. At least the T&T website is back up, although there is no mention of the ownership change. In this situation it is best to wait for some credible reporting. Unfounded rumors and speculation will swirl around the Internet until the new company is sufficiently reorganized to fill the information vacuum. I am sure that eventually we will get an update.

As the new owner, Mr. Richens is perfectly within his rights to hire whomever he wishes to run the new company. Again, I'm sure we will eventually be updated on the company structure. There are much less expensive ways to get family visas renewed than buying a rod company. I wish Mr. Richens luck and I hope he is able to bring the company back to prosperity. But keep in mind there is only one guaranteed technique of making a small fortune in the fishing tackle industry - start with a large fortune.

Tom


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T&T under new ownership
Post 10 Apr 2011, 12:53 • #13 
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Joined: 04/09/11
Posts: 6
Great points Tom.
Thanks


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T&T under new ownership
Post 11 Apr 2011, 01:31 • #14 
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Joined: 11/24/06
Posts: 1507
Location: Beautiful View, WA
He might also decide to hire new leadership if he decides that current leadership was inadequate in some way. After all, T&T has been declining for a decade relative to Sage, Scott, Winston. Even Orvis is recently undergoing a renaissance. T&T has slid backward in business terms, having many shops drop their rods, suffering very slow repair turnaround, and few new models being developed in that time.


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T&T under new ownership
Post 11 Apr 2011, 02:43 • #15 
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Joined: 04/09/11
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Right, and maybe this is why Cameron did not hear back from Trevor. It is possible that he is one of the guys to leave. I have not called to confirm this, but hope that is the reason. Not returning calls or messages would not send out a good signal for the new owner.

Let's hope for the best as I would love to see more of their Heirloom rods in the shops!
Dan


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T&T under new ownership
Post 12 Apr 2011, 01:30 • #16 
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Joined: 01/10/06
Posts: 7811
Location: Holly Springs, NC
This morning I received an e-mail from Trevor Bross, the longtime sales coordinator at T&T. I've pulled some quotes that answer some of our questions:
[Mark] Richens has formed a new company and will commence selling bamboo, glass and graphite rods under the Thomas & Thomas brand with immediate effect. Key members of the former Thomas & Thomas Rodmakers Inc. team have accepted positions with the new company having previously been laid off by Thomas & Thomas Rodmakers Inc. in March 2011.

"I am, however, under no illusions and this is not a vanity purchase. There is work to be done to ensure all operational aspects of our business exude the same quality as the finished rods themselves."

"These are exciting times for Thomas & Thomas. We have the benefit of forty years of rod making expertise combined with an abundance of enthusiasm. We now own our premises and are well capitalized. We are going to work hard and fish harder with the aim of building rods that appreciably enrich the fly fishing experience for our customers in the USA and around the world."[/quote]Obviously Trevor is with the new company (Yeah!). It sounds like the management/ownership team of Lou Deckard and Gerry Metcalfe are not. I do not know the other "key members" of the T&T staff who were offered jobs with the new company. I am happy to see continued production of glass fly rods mentioned right at the beginning of the press release.

Also, note the press release mentions the T&T brand, but not that Mr. Richens is reforming the T&T company. It is an interesting description and leaves room for addition corporate maneuvering. Stay tuned to see if the family grows?

The attitude expressed in the press release is commendable. Hopefully the attitude will translate to action and a successful rebuilding at T&T. I'm pulling for them.

Tom


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T&T under new ownership
Post 12 Apr 2011, 04:57 • #17 
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Joined: 07/17/06
Posts: 5599
Location: South Carolina
Tom ... you're quick. I also received the press release from Trevor this morning and put up a T.F.M. post with the entire press release.

Last week's press release left a lot of questions which I think this week's press release answers for the most part.

I'll be interested in seeing what changes will occur at T&T in the coming months.


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T&T under new ownership
Post 12 Apr 2011, 07:29 • #18 
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Joined: 06/09/05
Posts: 2069
Location: Monroe, WA
Thanks for the info guys.


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T&T under new ownership
Post 12 Apr 2011, 07:36 • #19 
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Joined: 11/24/06
Posts: 1507
Location: Beautiful View, WA
Wow, the new owner sounds like a class act. That press release mentions nearly everything I'd want to hear as a customer both in terms of development and service, but also laying a financial and operational foundation that has a shot at making T&T a long-term player in the market again. In this era of lifetime warranties, that's important.

I also like that he says, "Mark Richens will lead the company and will be relocating to Massachusetts after this year's tarpon season". Seems like the guy has a balanced approach to operating a business and enjoying the sport that business serves.

But one question remains: Who will design their rods going forward?


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T&T under new ownership
Post 12 Apr 2011, 15:00 • #20 
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Joined: 12/26/09
Posts: 1106
Location: Richmond, TX
It has been interesting following this topic. (As way of disclosure, I do not own a T&T rod, and in fact was unimpressed the time I tried one as it felt like just another graphite broomstick. I am sure that this not indicative of the product line now or in the future, especially the Heirloom series.) The first press release, then the 'empty' e-mail and web site being down, had me wondering. Yesterday's detailed press release, which hits on all the necessary points, fills the information vacuum. (The market hates a vacuum, which only serves to get filled with rumors, etc.)

The two points I took away from reading the full press release (Cameron, thanks for posting it on TFM) are both found in one of the initial sentences: "Richens has formed a new company and will commence selling bamboo, glass and graphite rods under the Thomas & Thomas brand with immediate effect." First, as Tom noted, this suggests that Mr. Richens has formed a (holding) company that now owns the Thomas & Thomas brand, facilities, existing product, designs, and other assets, which will allow him to grow / evolve his business(es) alongside, but separate from, T&T. Second is the prominent mention of bamboo -- and glass -- from which I speculate that Mr. Richens may be planning to position the T&T brand between the big names (e.g. Sage) and the smaller semi-custom rod makers (who we admire).


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T&T under new ownership
Post 12 Apr 2011, 21:35 • #21 
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Joined: 02/06/07
Posts: 1437
Location: US-VT
I really don't see T&T expanding their fiberglass rods.  It will be interesting to see what happens with their bamboo rod production.  Will it become similar to was Scott does with Bernard Ramanauskas, or will the Boo Boys bale and simply start their own version of "Sweetgrass".  Eventually they will move part of the graphite blank production offshore like every other company in the industry.  This has nothing to do with new ownership, but has to do with the industry itself. It's called survival.  Even though T&T makes the finest graphite fly rods available they have struggled financially for years.  Why?  Because they remained small, local, and built every blank and rod they produced here in New England, more specifically in Massachusetts, a State with an extremely high tax rate on businesses and individuals.


Last edited by tabornatives on 18 Dec 2011, 18:52, edited 1 time in total.

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T&T under new ownership
Post 19 Apr 2011, 09:36 • #22 
Sport
Joined: 03/15/09
Posts: 46
No mention of what happened to Tom Dorsey, the head Bamboo rod maker / graphite rod designer and one of the original Thomas's of T&T. I guess were looking at Bamboo rods in the future being either Maxwell /Dorsey era Thomas & thomas , Dorsey era Thomas & Thomas or NOW "Post Dorsey era Thomas & Thomas".

I can't speak for all T&T Heirloom rods but I have a 7 1/2' #4 that's buttery smooth and as good as glass gets.


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T&T under new ownership
Post 19 Apr 2011, 12:21 • #23 
Master Guide
Joined: 08/14/06
Posts: 366
Location: US-TN
Echoing, Peacefisher's opinion, the 7'6" 3wt Heirloom is the finest rod of ANY material in that format that I've cast. Granted, there aren't a lot of 7'6" 3wt bamboo tapers out there (the Devine Fairy is the only one I've cast), but there are a bunch of 7'0" 3wts and the Heirloom beats them flat.

--Rich


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T&T under new ownership
Post 20 Apr 2011, 00:12 • #24 
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Joined: 08/14/06
Posts: 1227
Location: Panther City, Texas
peacefisher wrote:
I can't speak for all T&T Heirloom rods but I have a 7 1/2' #4 that's buttery smooth and as good as glass gets.

I had the 7.5 4wt and loved it. Smooth with good power ... wish I still had it.


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T&T under new ownership
Post 21 Apr 2011, 05:46 • #25 
Sport
Joined: 07/20/08
Posts: 83
Location: US-CT
Once upon a time, T&T was reknowned for its smooth-casting trout rods. I had a 6'6" Classic bamboo 4-weight, an 8' LPS 4-weight (graphite) and an early graphite 5-weight. All were fine rods, well-designed and beautifully appointed. I always thought their decline had more to do with their increased focus on big-water, salt-water rods. I know that's where the growth in the sport was and where the money was but, to me, their heavy graphite rods were fast, stiff, expensive and prone to breaking. Not to mention they had to compete with the likes of Loomis and Sage for that part of the market.

In hindsight, they might have been better off staying closer to their roots. That said, I agree with Tom: The only way to make small fortune in this industry is to start with a large one.


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