A statement from Concept said:
"After an extended period during which the Concept Cycling Group fell short of the targets required by investors in the buyout, the management have invited Steven Walsh to re-invest and take control again."
Walsh becomes Concept's chairman and MD.
Former MD, Robert Pollard, has resigned from the Concept board to "pursue business interests outside of the cycle industry."
His final statement was: The company needs to return to a more hands-on style of management to weather current market conditions."
Walsh said: We can now get on with the business of returning Concept to profitability as soon as possible."