NEWS HUB
Future of Planet X secured following sale to private equity firm
THE future of British bicycle designer and retailer Planet X has been secured following a sale of the business and its assets to Winlong Garments Limited, a company funded by Baaj Capital LLP. Concerns for the business arose after it appeared to be
preparing for administration. However, following a seven-week sales process, the business and assets were sold via a pre-pack transaction. All of the Rotherham-based company’s 33 employees have
transferred to the purchaser as part of the sale. Richard Mostyn-Jones, Planet X CEO, said: “I am delighted to
2Pure enters administration
DISTRIBUTOR 2Pure has entered administration with FRP Advisory appointed to handle the company’s affairs. The news was confirmed via an update on Companies House and followed confirmation that George Bowie had left his position as managing director. 2Pure, based in Livingston, Scotland, had been a distributor supplying a number of brands in the cycle, run, and outdoor sectors, with a focus on cycle brands. The company recently added MilKit tubeless systems and accessories to its portfolio in November last year, and announced the addition of Kingud cleaning products shortly before that. A spokesperson for FRP Advisory said in a short statement: “The joint administrators are currently reviewing the business and its assets with a view to maximising the value of asset realisations.”
have secured the future of Planet X and the team here, with this transaction. We look forward to further building on our heritage and expertise and continuing to supply the cycling community both here in the UK and across the globe.”
The business has been designing and building bikes for more than 30 years, under brands including Planet X, Holdsworth, On-One and Titus. It performed strongly during Covid-19, but had since experienced a dampening of demand. The impact on cash flow, coupled with supply chain issues, prompted the directors to explore sale, refinance and investment options.
Jagwire announces Extra UK as exclusive distributor for UK and Ireland
JAGWIRE has announced the appointment of Extra UK as the exclusive distributor of its products in the UK. Cyclex, a wholly owned subsidiary of Extra UK, will also represent Jagwire in the Republic of Ireland. Founded in 1986 as Chia Cherne Industrial Co Ltd, the Jagwire
brand was launched in 1995 and has become one of the industry leaders in cycling control systems, parts and accessories. Dan Brauer, global brand manager for Jagwire, said: “We are thrilled to work with Extra UK to distribute Jagwire exclusively in the United Kingdom.”
British Independent Retailers Association acquires ACT
THE British Independent Retailers Association (BIRA) has announced a merger with the Association of Cycle Traders (ACT).
A spokesperson for BIRA described this as “a significant milestone for both organisations.” This strategic union brings together more
than 1,000 independent retailers, fostering a united group of more than 5,000 businesses. Andrew Goodacre, CEO of BIRA, said: “We are delighted to have ACT as part of our group. “We have a lot in common, not least that our members are
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independent retailers working very hard in the most difficult circumstances for small businesses. “Together we have the skill and services to
support these retailers and an even stronger voice when discussing high street policies with the various government departments.” With the inclusion of ACT’s retailers, BIRA says it has not only expanded its membership base but also consolidated its position as “the foremost advocate and representative for independent retailers across the United Kingdom.”
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