Vulpine Performance on route to administration

Mon, 15 May 2017 | ADMINISTRATION

Cycling clothing retailer Vulpine Performance is heading for administration, with the appointment of RSM anticipated.

Vulpine was established by former film maker Nick Hussey in 2010, with the aim of creating a brand for casual cyclists. It raised over £1 million on crowdfunding platform Crowdcube in October 2015, and collaborated with Olympic gold medallist Sir Chris Hoy.

Troubles were brewing when Mr Hussey spent large sums of cash on marketing, with the company tending to purchase stock in bulk then resorting to discount it heavily to sell it, damaging the brand’s appeal to consumers. Late deliveries from Chinese factories was a further issue.

Further money raising efforts saw Vulpine use the cash too quickly, and it missed its sales targets. Last month it attempted to raise another £750,000, at a £7.5 million valuation, but was unsuccessful, and called in the administrators.

One of its funders, Simon Hulme, an investor in start-ups said: “Vulpine had failed abysmally to deliver what it had promised investors in the first round. To me, crowdfunding looks like a ticking timebomb.”

There are concerns, now, that around 600 shareholders are at risk of losing their investment.

Hussey said in a statement to shareholders the latest crowdfunding effort had been abandoned to seek a buyer. Saying: “Whilst there was strong recognition of the brand, and initial verbal interest, none have produced offers or ongoing due diligence, and communication has stopped. It is highly possible that, having seen our precarious financial position and the complications of doing a fast enough deal, they are waiting to pick the business up in administration instead, if any deal is to be done."

Businesses in adminstration
Subscribe to Business Sale Report


Share this article



Latest Businesses for Sale

Import & Export Business
Kent, South East, UK

Relocatable. Long standing contracts. Significant room for expansion. International connections. Offers Invited.

Asking Price: £120,000
Turnover: £432,000

RELOCATABLE


Licensed Thai Restaurant & Takeaway
Somerset, South West, UK

Fantastic Freehold restaurant opportunity in a quaint Somerset market town. With an immediate population of 45,000, and around 70,000 visitors annually, this restaurant benefits well from local and visiting trade. Offers invited.

Asking Price: £165,000
Turnover: £82,000

FREEHOLD


Debt Collection Agency
South East, UK

Well-established debt collection agency in Southend-on-Sea. Essex. In close proximity to the M25. They are ideally located. Being a telephone collection agency, they are able to cater for clients countrywide. Offers invited.

Asking Price: £198,000
Turnover: £350,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
21
 
May
 
 
17
 
May
 

Greater Manchester staffing firm acquires security services company | BUSINESS SALE

A security services business headquartered in Newton-le-Will...

 
16
 
May
 

Midlothian IT company enters administration with assets up for sale | ADMINISTRATION

An Edinburgh-based IT firm has collapsed into administration...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
22
 
Apr
 

Sheffield printing firm enters administration - assets up for immediate sale | ADMINISTRATION

A printing company based in Sheffield has fallen into admini...

 
11
 
Apr
 

West Yorkshire property developers go under | ADMINISTRATION

The companies behind West Yorkshire student accommodation pr...

 
22
 
Nov
 

Bristol care home enters administration | ADMINISTRATION

Owner of Woodlands Manor Care Home, Driskal Limited has fall...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources