Administrators called in at Derbyshire bike manufacturer
Derbyshire-based bike manufacturer and retailer, Stanton Bikes, has called in administrators and is up for sale.
Dean Nelson and Nick Lee, business recovery and insolvency partners at PKF Smith Cooper, were appointed joint administrators of the Matlock firm on Friday 11 November. The appointment was made following a petition to the court by a creditor.
Stanton Bikes developed both a national and international reputation in the biking industry for designing, manufacturing and selling hardtail and full suspension bicycle frames. In recent years it had tried to bring the manufacturing of its bikes to the UK to cut down on the time customers were waiting for their orders.
The bikes sold by Stanton can retail for several thousand pounds. It also sells parts and spares.
Trading of the business is being continued, under the supervision of the joint administrators, whilst a buyer is sought for either the shares or the business and assets.
Nelson said: “We will be providing creditors with relevant information regarding the administration process to allow them to participate in proceedings. We are currently dealing with all enquiries. We will strive to achieve the best outcome for everyone involved at this difficult time.”
According to its latest accounts, made up to March 31 this year, Stanton Bikes employs 11 people.