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.