Scores of jobs lost as bicycle distributor crashes into administration
Derby-based bike distributor and retailer Moore Large has collapsed and called in administrators from FRP Advisory.
Reports suggest that staff were told about the situation on Tuesday morning.
Moore Large stocked bike brands such as Forme and Lake. The firm traded out of a 215,000 sq foot warehouse and office facility in Sinfin, and was a major importer and wholesaler of bicycles, accessories, cycle clothing and components.
The firm’s latest accounts, made up to the January 31 make for positive reading, with a profits reaching £6m, as Moore Large cashed in on the demand for bikes during the pandemic lockdowns.
The majority of the 103 staff have now been made redundant with 26 retained to assist in winding-down operations.
Raj Mittal, joint administrator, said: “Between inflation, exchange rate fluctuations, dampened consumer demand and supply chain issues, Moore Large & Co. faced significant and sustained challenges. No doubt, many other businesses in the sector will be feeling similar pressures.
“Despite the directors’ efforts to save the company, crucial investment couldn’t be secured. Unfortunately, the financial state of the business meant that it could not keep trading and we’re now moving towards an asset sale. Our specialist employment team is on hand to support all impacted staff as they make claims to the Redundancy Payments Service.”
The administrators have appointed Nottingham-based John Pye & Sons as their agents to dispose of Moore Large stock and assets.
In April last year, Moore Large went through a management buyout, with Andrew Walker, Dale Vanderplank, Adam Biggs and Adam Garner, taking over the running of the business after 50 years of ownership by the Moore family.
The MBO was backed by HSBC.