This is what the Sunday Telegraph said:
"British bicycle brand Dawes Cycles will be acquired by cycle-maker Tandem Group in a deal worth about GBP5m. The brand is known for its touring and road-racing bikes, with a price range of GBP200 to GBP1,300. Tandem, which is expanding its sports and leisure equipment division, has recently bought snooker and pool table maker Pot Black and bicycle accessories company Two Wheel Trading. The company reported earlier this month that its annual profits jumped from GBP184,000 to GBP432,000. Tandem is also set on strengthening its position as one of UK's leading cycle manufacturers."
And this is what Tandem's Paul Vicary told bikebiz.co.uk this morning:
"It's well known that we've been in close discussions with Grove Industries [owner of Dawes] for some time. But no deal is done until there is ink on paper. And there's no ink on paper yet."