Mon, 04 May 2020 | ADMINISTRATION
Dorset-based motorcycle dealership Three Cross Motorcycles has gone into administration, after the coronavirus lockdown caused a “catastrophic cash flow crisis” at the family-owned business.
The dealership, which was based near Three Legged Cross and attracted motorcycle enthusiasts from across the UK, said the lockdown had dealt their business a “fatal blow”.
KRE Corporate Recovery of Reading have been appointed as administrators and are seeking a buyer for the business. The company has 21 full-time staff and one part-time employee.
The dealership has held the Triumph motorcycle franchise for Dorset since 1991 and also began importing Peugeot scooters in 1995. It supplies both the public and around 200 dealers.
In a statement, the Davies family, who own and run the business, said: "After two hard years, we had restructured and had a positive budget to return us to profitability in 2020.”
"At the end of February we were on target and had a good order bank of retail and wholesale bikes for March/April delivery. However, our expectations of a spring time recovery have been swept away by the Covid-19 virus and subsequent government lockdown, which caused a catastrophic cash-flow crisis, from which there was no way back."
Administrators from KRE say that the business turned over £6.9 million in 2019. According to its most recent accounts, filed to the year ending December 31 2018, the company held fixed assets of £335,924 and current assets of £1.6 million, down from £2.4 million in 2017.
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