Thu, 30 Aug 2012 | BUSINESS SALE
Administrators have found a buyer for the motorcycle clothing and accessory retailer Hein Gericke UK.
The business fell into administration in July, appointing Moorfields Corporate Recovery to handle the matter. The administrators have now confirmed that an offer from an unnamed buyer has been accepted, with completion expected in early September.
Simon Thomas, joint administrator, told Insider: “It is great to see that such a well-known brand and high street presence as Hein Gericke has been rescued. It is apparent that the name is held in high esteem and is a byword for quality in the industry.
“The buyer sees the potential for the business to overcome the recent economic pressures which have impacted over the past few years.”
The business had an £18 million turnover, generating income through 49 shops in the UK and a catalogue and online shopping service. It hit problems, however, as sales continued to decline over the past four years, leaving the business with a pre-tax loss.
Hein Gericke was established in Germany by the biker of the same name in the 1970s. His single shop proved successful and the company grew to become the largest motorcycle dealership in Germany, expanding to offer clothing and accessories in countries throughout Europe.
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