Thu, 17 Nov 2022 | ADMINISTRATION
Derbyshire-based mountain bike manufacturer and retailer Stanton Bikes has fallen into administration, following a creditor petition to the high court. PKF Smith Cooper were appointed as administrators to the company on November 11 and will now seek a buyer for the business as a whole or its assets.
Stanton Bikes, which is based near the town of Matlock, has developed a strong reputation both nationally and internationally for designing, manufacturing and selling hardtail and full suspension bike frames.
The company’s specialist mountain bikes often retail for several thousand pounds and the firm also sells related bicycle components, spares and other merchandise. Over recent years, the firm had been working to bring its manufacturing operations to the UK to reduce wait times for customers.
The business will continue to trade under the supervision of joint administrators Dean Nelson and Nick Lee, business recovery and insolvency partners at PKF Smith Cooper, while a buyer is sought for the company and its assets.
Joint administrator Dean Nelson said: “We will be providing creditors with relevant information regarding the administration process to allow them to participate in proceedings. We are currently dealing with all enquiries. We will strive to achieve the best outcome for everyone involved at this difficult time.”
In its latest accounts, for the year ending March 31 2022, Stanton Bikes reported fixed assets of £97,919 and current assets of £897,543. At the time, the company’s total assets less liabilities were valued at £355,313.
As with other businesses within the wider manufacturing industry, bike firms have struggled over the past couple of years with supply chain issues. Many manufacturing firms are also highly energy-intensive, meaning they could be severely affected by soaring energy bills.
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