Tue, 30 Jan 2024 | BUSINESS SALE
Orange Mountain Bikes Limited and P Bairstow Limited, a pair of mountain bike manufacturers based in West Yorkshire, have been acquired out of administration. The Halifax-based companies fell into administration earlier this month, citing factors including COVID-19 and increased costs.
P Bairstow Ltd manufactures high end mountain bike frames for Orange Bikes’ bike manufacturing operations and, prior to entering administration, provided precision engineering services to third parties. Orange Mountain Bikes manufactures bikes which are sold to retailers and directly to customers via its online store.
Mark Thornton and Kerry Bailey of BDO were appointed as joint administrators on January 10 and, although the companies ceased trading, said that they were confident of securing a deal for the businesses and assets.
The joint administrators have now sold the business and assets of both firms to Freedom Property Services Limited, a new company led by Orange Bikes director Ashley Ball. The deal, which secures 30 jobs, will see Orange and Bairstow consolidate their operations into one site, with Bairstow’s third-party engineering division having already closed.
BDO Business Restructuring Partner and joint administrator Mark Thornton said: "Despite the considerable efforts of management and their teams given sector wide challenges, the financial position of the companies meant that they were unable to continue operating.”
"We are pleased to have secured a sale of the business and assets of Orange Mountain Bikes Limited and the bike frame manufacturing division of P. Bairstow Limited, ensuring continuity of two iconic local businesses and preserving a significant number of jobs. This is also the best outcome for creditors in the circumstances."
Orange Bikes director Ashley Ball added: "Restructuring the businesses was never going to be an easy process but the decision to do so has preserved the livelihoods of the people at the heart of the organisation, streamlined our operations and ensured the continued strength of the Orange Bikes brand and its products."
Find out about regulations on pre-pack sales to connected parties
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