Walsh acquires parts of Concept - BikeBiz

Walsh acquires parts of Concept

UPDATED: Avocet Sports Ltd., a company 100 percent controlled by Steven Walsh, has acquired some of the assets of Concept Cycling Group from KPMG, the administrators. All at Acorn have been made redundant, Avocet will be a bike supply business not a wholesaler or retailer. Wheelbase has been bought, but not by Walsh.
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Avocet Sports acquired all of Concept's brands and intellectual property.

Walsh founded Concept Cycling Ltd, with Paul Allen, in 1996, selling it in July 2003 to via an MBO.

Walsh said: "During late 2004 to early 2005 the Concept Group started to experience trading difficulties which progressively worsened. I was invited by the directors and shareholders of Concept Cycling to rejoin the board to assist in a turnround."

He rejoined the board of directors in April this year.

"Unfortunately a turnround proved to be too difficult and the Group went into Administration on 7th September," said Walsh.

He said he pumped £1.7m of his own money into the Concept Group.

"The lassix months have been very difficult and now there is a way forward. I am pleased to be able to remain in the bicycle industry and I hope to build a successful company in which all employees , customers, and suppliers have a bright future,” said Walsh.

Some of Concept’s bicycle brands will be reintroduced in 2006. Avocet will supply bikes to IBDs only, said Walsh.

sw@avocetsports.wanadoo.co.uk

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