Russell Merry, managing director of Cycling Sports Group UK, is to be allowed to leave the company on 28th June. He is currently working out his notice in the Poole HQ. His brother, Neil Merry, retired from the company last year. The Merry brothers sold Hot Wheels, their family business, to Dorel of Canada in 2009 and a new company was formed, Cycling Sports Group UK.
The global Cycling Sports Group owns brands such as Mongoose, GT and Cannondale.
"I will take a good long holiday before seeking new challenges of some form or another," said Russell Merry.
In an email to BikeBiz.com Rick Leckner, Dorel Corporate's US-based PR officer, said: "At this time we have nothing to add."
According to Merry's LinkedIn profile, he has been working in the bicycle business since 1989. He and his brother worked in their father's bicycle shop in Poole, becoming partners in the business. The shop specialised in BMX and was the springboard for a BMX distribution business.
"We grew the business from sub £1million in 1989 with two employees to £13.5 million annual revenue with 26 employees before selling to Dorel in 2009," says Merry on his LinkedIn profile.
The financial terms of the sale were not revealed at the time but it's believed the Merry brothers made enough money to retire. Neil Merry did so after working for CSG UK during a handover period. Russell Merry continued working for the Canadian-owned business but it was the talk of the Taiwan trade show that communications between Merry and the US management team had become strained over the last few months.
CSG UK is the UK distributor of Cannondale, Charge, GT, Mongoose and Wethepeople Bikes. CSG UK employs 46 people at its Poole HQ.