Colin and Les (the CoLes) had worked for the English company STC (Standard Telephone and Cables) as toolmakers, then started their own shop. At some point in the mid 1970s STC jobbed out mic production to Coles. Two years later they decided that mics made no money and were going to discontinue them. Colin and Les bought the tooling that was already at their shop, plus the rights they needed, and continued manufacturing under the Coles name.