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Tue, 17 Oct 2023
The firm who supplied the official TT merchandise has had its contract with Government terminated.
A statement issued by the Department for Enterprise said:
The Department for Enterprise has today confirmed that they have terminated the contract with Cube International Ltd for the licensed supply and production of official Isle of Man TT Races merchandise.
The contract has been terminated with immediate effect due to a breach in terms by Cube International Ltd to fulfil their required financial obligations within the contracted timeline.
The Department will now run a full tender process for the appointment of a new long term partner with timelines that will ensure the production and licensed supply of Official TT merchandise ahead of the 2024 event and beyond.
Tim Johnston MHK, Minister for Enterprise, commented:
'The Department has been required to take this action as Cube International Ltd have failed to fulfil their required financial obligations attached to this contract within the stipulated period and are in breach of their contract terms. The decision to terminate has not been taken lightly and is the result of circumstances that have rapidly become untenable, however the provision and supply of official merchandise plays an essential role within the TT’s overarching strategy and is also a key source of income for many retailers as well as the Department and it is our responsibility to act to protect the interests of all involved parties.
'It is acknowledged that the termination of this contract will be unsettling for many of the Island’s businesses and retailers and whilst the Department works to facilitate the essential supply and delivery ahead of the 2024 TT Races, the priority of the Department is to work closely with those that will have been impacted by the termination of contract.
'The Department has been in contact with all wholesale retailers and suppliers that have worked with Cube International Ltd prior to the contract termination being announced publicly and intends to continue to work collaboratively and transparently in order to secure the continued delivery of product ahead of 2024.'
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