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Llama Firearms, officially known as Llama-Gabilondo y Cia SA, was a Spanish arms company founded in 1904 under the name Gabilondo and Urresti. Its headquarters were in Eibar in the Basque Country, Spain, but they also had workshops during different times in Elgoibar and Vitoria. Llama manufactured moderate-priced revolvers and self-chambering pistols in a bewildering variety of models. These were popular mainly in the European and Latin American export market, as well as domestically in Spain.

Llama revolver models:
Early production revolvers from 1904 to 1914

Nagant revolvers in 7.62mm Nagant and 8mm Lebel.

Colt New Service copies in .32 S&W long and 7.62 Nagant.

Vélodog-style revolvers in 5.5 mm Vélodog, .22LR, 6.35 mm/.25 ACP, and 7.65 mm/.32 ACP.

Ruby Extra revolvers represented Gabilondo's economy range of revolvers. Manufactured from 1955 to 1970 they are copies of the Smith & Wesson Military and Police models, but fitted with coiled mainspring. They were very popular in the Philippines and South America.

Model 12 (XII): .38 Special calibre revolver with 5-inch barrel and service grips.

Model 13 (XIII): .38 Special calibre revolver with 4- or 6-inch barrel and ventilated rib. Rounded grips on 4-inch model. Adjustable sights and target grips on 6-inch model. First Llama model with eccentric-cam firing pin safety. Llama was the first manufacturer to use this system on their revolvers.

Model 14 (XIV): .22 LR and .32 S&W long revolver with 2-, 4- or 6-inch barrel and various sights.

Llama revolvers had a better standard of manufacture and higher price. Manufactured from 1969 to 1978 and based on the Smith & Wesson Military and Police model but fitted with coiled mainspring.

Martial: .38 Special calibre revolver with 2-, 4- or 6-inch barrel, ventilated rib and adjustable rear sights. A similar revolver, also chambered in .38 Special, was sold marked "Martial Police"

Model 22 (XXII): .38 Special calibre double action steel-framed target revolver. Adjustable sights and target grips. Deluxe "Olimpico" model available.

Model 26 (XXVI): .22 LR calibre double action steel-framed revolver.

Model 27 (XXVII): .32 S&W Long revolver calibre double action steel-framed revolver.

Model 28 (XVIII): .22 LR calibre double action alloy-framed revolver.

Model 29 (XIX): .22 LR double action steel-framed target revolver. Adjustable sights and target grips. Deluxe "Olimpico" model available.

Model 30 (XXX): .22 Magnum calibre double action steel-framed revolver.

Model 32 (XXXII): .32 S&W long revolver calibre double action steel-framed target revolver. Adjustable sights and target grips. Deluxe "Olimpico" model available.
Comanche revolvers were the flagship of Gabilondo's revolver range produced from 1975 to 1997. They were copies of large framed Smith & Wesson revolvers. Although of a very high standard, they were unable to compete successfully in the US market.

Comanche: In .357 Magnum calibre with 4- or 6-inch barrel. Renamed Comanche III in 1977.

Comanche I: .22 LR calibre with 6-inch barrel, ventilated rib, adjustable rear sight, wide spur hammer. Chrome finish and engraving options available. 

Comanche II: .38 special calibre with four- or six-inch barrel, ventilated rib, adjustable rear sight, wide spur hammer. Chrome finish and various engraving options available. 

Comanche III: Renamed Comanche .357 with four- or six-inch barrel, ventilated rib, adjustable rear sight, wide spur hammer. Chrome finish and various engraving options available. 

Comanche IV/ .44 Magnum Super Comanche: 44 magnum with 6 or 8.5-inch barrel, ventilated rib, adjustable rear sight, wide spur hammer, extra wide trigger. Oversize walnut target grips and blued finish only. Discontinued 1994. 

Comanche V/ .357 Magnum Super Comanche: .357 magnum with 4, 6, or 8.5-inch barrel, ventilated rib, adjustable rear sight, wide spur hammer, extra wide trigger. Oversize walnut target grips and blued finish only. Discontinued 1994. 

Scorpio and Picolo were Gabilondo's first entry into the compact pocket revolver range since their early revolvers of 1904–1914.

Scorpio: .22LR and .32 S&W Long calibre with two-inch unribbed barrel, low profile sights, rounded grips, steel frame.

Picolo: .22LR and .32 S&W Long calibre with two-inch unribbed barrel, low profile sights, rounded grips, alloy frame.

Bankruptcy and rescue efforts
While an inability to rapidly modernise its manufacturing capability might have eventually doomed the company, it was the Asian Economic Crisis of the early 1990s that directly brought about the crisis that engulfed Llama. Spanish banks that had extended bad loans in East Asia tried to cover their losses by restricting credit domestically, including to Llama.
Llama filed for bankruptcy in 1992, and in 1993 sixty of its gunsmiths and employees formed a co-operative to buy the Llama name and all of the equipment. These Gabilondo employees negotiated over a protracted period and finalised the transfer around 2000.
The cooperative that took over was named Fabrinor Arma Corta y Microfusion, S.A. They moved the factory to Legutiano, and attempted to sell off Llama’s old property holdings. The company began to diversify offering not just handguns but precision parts made by investment casting.

The main problem with the new group was sales were not rising fast enough to cover the old debt they inherited from Llama. Fabrinor was able to reschedule the debts in 2002 and again in 2003, but even public listing on the stock market didn't help generate the funds required.
Thanks to regulatory intervention, Fabrinor was compelled to call a special shareholder meeting on 12 January 2005, to reveal fully to shareholders the company's financial situation, its plans to restructure into a limited partnership and the latest plans to reschedule its inherited debts. The plans were rejected and the plant in Legutiano was closed.
Star (Bonifacio Echevarria S.A.) had gone under in 1993, its assets sold to rival Astra (Esperanza y Unceta, later Societa Unceta y Cia, then Astra-Unceta y Cia, finally Astar S.A.), which in turn collapsed completely in 1997. With the long lingering collapse of Fabrinor, the ruling post-depression triumvirate of Spanish pistol makers came to an end.

The Llama trademark was registered in 1932 and pistols started to appear in 1933. There seems to have been a desire by Gabilondo for a clean break with the Ruby brand, given the adverse reputation that wartime Ruby-type pistols acquired (the majority of which, ironically, were not even manufactured by Gabilondo).

These new pistols were based on the Colt M1911 and later the improved Colt model 1911-A1 model of 1924, but without the grip safety. Very early models were advertised in .45 ACP, 9mm Largo and 7.63mm Mauser. The Llama IV was the first model to appear,but was not numbered until a later date. The Llama V was chambered for 9mm Largo 38 acp, 38 super,and 9mm P for sale in the US. The Llama VII was chambered for 9mm Largo, 38 acp, 38 super, 9mm P and came it two different versions, a regular 5" length barrel and the Extra with a 5 1/2" barrel.

Concurrent with the release of these large models, Gabilondo replaced the Danton with the Llama I and Llama II. The Llama I resembled a miniature copy of Colt 1911 in 7.65 mm/.32 ACP. As a locked breach was unnecessary for a pistol in this calibre, it was eliminated, as was the grip safety. Similar to previous Gabilondo models it had a nine-round magazine. The Llama II was chambered in 9 mm corto/.380ACP with an eight-round magazine and without grip safety. The Llama III was introduced with a grip safety, and locked breech. It was made in the same calibre and magazine capacity as the Llama II. The Llama I, II, and III was manufactured from 1933 to 1954. 

The arms manufacturers from Eibar in the Basque Country, Spain, made some great firearms, but unfortunately during the war, the quality work from some firms were not good. This gave Spanish arms a bad name in some circles. The Llama range handguns based on the 1911 Colt were made to rectify the reputation of this Company’s firearms.

Ref: https://carbinesforcollectors.com/llamarevolver.html
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