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

Structural Engineering Design Consultancy
South West, UK

Providing designs that are practical but creative and often innovative, to meet the specific needs of its clients. Supporting sustainable construction methods and experienced in eco-friendly structures such as PassivHaus. Offers invited.

Asking Price: Offers Invited
Turnover: £715,000

LEASEHOLD


Technology & Wearables Brand
UK Wide

An established, proven brand and assets for sale, with considerable multi-million pound growth potential. The company is a designer and supplier of an established audio and wearable technology brand. The products seamlessly link three multi-billion-p...

Asking Price: Offers Invited
Turnover: £5,000,000

RELOCATABLE


Air Conditioning & Refrigeration Products Service Provider
UK Wide

Offers a diverse range of commercial refrigeration and air conditioning equipment throughout the UK. Benefits from maintenance contracts and reactive maintenance. Possesses a strong understanding of all types of cooling solutions and is able to fully...

Asking Price: Offers Invited
Turnover: £6,400,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Nov
 

UK government set to approve Cobham takeover | BUSINESS SALE

The British government is poised to approve the $5 billion t...

 
18
 
Nov
 

Kitwave acquires Alpine Fine Foods | BUSINESS SALE

Independent wholesaler Kitwave has acquired Alpine Fine Food...

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

 
11
 
Sep
 

Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION

A small energy supplier providing green energy to 29,000 hou...

 
05
 
Sep
 

Grantham’s Olde Barn Hotel enters administration | ADMINISTRATION

A very highly rated hotel in Lincolnshire has fallen into ad...

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