Crabtree owner goes into administration

ActionLeisure PLC has today gone into administration. However, subsidiaries Pulse Fitness and Crabtree Sport and Leisure, are not part of the collapse, having "sufficient funds to trade normally"
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Crabtree MD Julian Pointon told bikebiz.co.uk that a management buy-out would be completed by the end of the month.

Full details of the MBO team were not divulged, but includes Pointon and excludes ActionLeisure chairman Arild Nedrum.

ActionLeisure plc changed its name from the Caverdale Group plc in January 2000.

Its stated activities are: "Sale and servicing of new and used motorcyles; the sale and distribution of motorcycle accessories and related products, of bicycles and of general parts and accessories and the manufacture and distribution of marine equipment and fitness equipment."

It has 684 employees across all divisions and operates out of a head office in St Albans.

The PLC had a turnover of £37.1m in the six months ended 30th June 2000, down from £37.4m in the same period in the previous year.

Operating profits amounted to £1 million before the amortisation of goodwill and Internet costs (1999: £1.56 million); earnings per share were negative at (1.3p) (fully diluted - 1.3p) as compared with a positive figure of 1.1p (also 1.1p fully diluted) in 1999.

Crabtree Sports and Leisure turned over £2.8m in the six months to June 2000, up from £2.3m during the same period the previous year.

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