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Derby/Lenark deal to be investigated by DTI - BikeBiz

Derby/Lenark deal to be investigated by DTI

Thanks to lobbying by Nottingham MP Alan Simpson who is expected to speak his mind in the libel-free House of Commons when it reconvenes next week the Trade Secretary has formally requested the DTI to launch an investigation into the sale of Sturmey Archer
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[Uploaded to BikeBiz.co.uk on 14th October]

After promising he would take a personal interest in the Derby/Lenark deal to sell Sturmey Archer for £30 Trade Secretary Stephen Byers has kept to his word. The investigations branch of the Department of Trade and Industry will be evaluating the case.

10 days ago BikeBiz sent the investigating officer a list of our website stories so he could get up to speed on the main issues involved.

News of the DTI investigation was contained in a letter from Byers to Simpson.

Byers wrote: "I am concerned to hear about the apparent failure of Sturmey Archer and the consequential loss of 300 jobs, especially in the light of disquiet expressed to me by yourself and others concerning the recent sale of the business.

However, there is no guarantee a full investigation will take place. It is up to the DTIs investigations branch to decide whether there is a case to answer.

Insolvency practitioner Tony Murphy, who is the joint liquidator of Sturmey Archer (along with KPMG), will be pressing for a full investigation.

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