Rumours about the situation at Lew-Ways have been rife for the past two months, especially when key members of staff jumped ship (one former director got a job at another bike trade company).
Before receivers were called in, the Lew-Ways paint-shop was said to be up for sale.
Lew-Ways first went into receivership in August 1998. It was resurrected by new owners in September 1998.
The appointed receiver is Deloitte Touche.
John Reid, tel: 0131 225 6834
Andy Peters, tel: 0121 2002211.