News
Concept to continue trading; administrators hope for sale
The Manchester branch of KPMG was appointed administrator of the Concept Cycling Group Ltd. on 7th September. The blame for Concept's woes is being put on poor retailing conditions and loss of key customers.
KPMG's Brian Green and Paul Flint are the joint administrators of Concept Cycling Limited, Wheelbase (UK) Limited and Acorn Sports & Leisure (UK) Limited.
Flint said: "Our intention is to trade the companies while the possibility of achieving a going concern sale is explored. We will be in regular dialogue with the suppliers and employees over the next few days and hope to conclude a sale which protects as many jobs as possible."
Concept Cycling Ltd. employs 150 people and has an annual turnover of £22m.
Acorn Sports & Leisure (UK) Ltd is based in Howarth, West Yorkshire, has 25 employees and last year, had a turnover of £6m.
Wheelbase (UK) Ltd has stores in Stockport, Kendal and Lytham St Annes, employs 30 people and has an annual turnover of £2.5m.
