Gloucestershire based brand Mango Bikes, which is known primarily for its single speed models, has been sold back to co-founder Ben Harrison for the price of £1, after accruing £250,000 in debt.
Co-founders Harrison and Jezz Skelton formed the brand in 2012 whilst the pair was in university, going straight to dealer instead of dealing with distributors. The brand then found investment from entrepreneur Toby Baxendale, who maintained a minority share in the company until now – post-sale he will have no further affiliation with the brand.
It has been confirmed that post-sale, Mango Bikes will be relocated to Newcastle – the previous home of Harrison and as such, the staff is currently on notice. It is also believed that Harrison will retain complete control of the brand from this point onward.
BikeBiz attempted to reach out to Harrison for a comment. Whilst the news was confirmed, the offer to comment was declined. We’ll update this story as it develops.