Tandem Group acquires bits of its former self - BikeBiz

Tandem Group acquires bits of its former self

The owner of Dawes and Falcon is making cash offers for the entire issued share capital of Casket plc and Kingsley and Forester Group plc, both closely related antecedents of Tandem. The Tandem Group does not contribute to the market-expanding Bike Hub levy scheme, a lapse recently criticised by transport minister, Dr. Kim Howells.
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The legal blurb: "Tandem Group plc announces that, by means of offer documents dated and posted on 13 August 2004 (the "Offer Documents") and by means of an advertisement in a national newspaper, Tandem is making cash offers (the "Offers") to acquire the entire issued share capital of both Casket Plc ("Casket") and Kingsley and Forester Group Plc ("Kingsley") not already owned or contracted to be acquired (within the meaning of section 428(5) and, if applicable, sections 430E of the Companies Act 1985 (the "Act")) by Tandem."

The Tandem Group was formed from Casket and EFG.

In the mid-1990s, Casket had a German bicycle manufacturing subsidiary, Heidemann Fahrrad Gmbh, but this fell into insolvency.

In August 2003, the board of Casket plc - now the board of Tandem Group plc - gave notice that it had notified the United Kingdom Listing Authority that it was "no longer economical to support the listing of the preference shares of £1 each and therefore it is expected that these securities will cease to be listed with effect from start of business on 23 September 2003."

Kingsley & Forester Group plc was a loss-making fashion clothing and supplier and was largely wound down in 2000.

In May 2004, Tandem announced it would make 55 workers redundant, accounting for a third of the workforce.

The Group also ceased its long-standing membership of the Bicycle Association of Great Britain, saving a few thousand pounds a year but upsetting BA members. Tandem also decided not to be part of the Bike Hub levy fund.

Transport minister Dr. Kim Howells wrote to Falcon MD Steven Bell despairing of Tandem's decision not to support the Department for Transport backed fund. Half-joking, Howells said he would no longer ride his Falcon touring bike, a favourite mount since the 1960s. Bell said he has not received this letter.

In the year ended 31st January 2004, the Tandem Group had a turnover of £56.26m, up from £37.32m a year earlier (£18.8m contributed by its 2003 acquisation, MV Sports) and saw profit before taxation rise to £609 000 compared to £234 000 in 2003.

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