Queensland’s iconic Alvey Reels won’t be going anywhere after being acquired by an investment company.

Alvey Reels announced in May it was set to shut down due to cost pressures and a lack of local materials.

It’s not the first time the company has been on the rocks.

It first announced it would be closing its doors in 2017 due to poor sales but was buoyed by an uptick in orders and teaming up with branding and sales expert Con Athans.

After being acquired by Sydney-based investment company Gowings, the angling company has this year been thrown another lifeline.

Alvey Reels managing director Bruce Alvey told Spencer Howson on 4BC Breakfast the acquisition is a bit of a full-circle moment.

“There was actually a relationship many years ago because they ran a big general store in Sydney and they used to sell fishing tackle and they were a customer of ours!”

Press PLAY below to hear Gowings’ plans for Alvey Reels 

Image: Alvey Reels Australia / Facebook