Saracen Cycles Limited In Administration
Saracen Cycles Limited is the latest company to face difficulties within the Retail marketplace and has been placed into administration.
Andrew Turpin and Martin Coyne of Poppleton & Appleby in Birmingham were appointed as Joint Administrators to the Company on Friday 3 February 2006, following an application by the directors of the company.
Saracen Cycles has over the years supplied high street outlets including Argos and Halfords together with catalogues such as Grattan
Having suffered considerable costs in moving away from manufacturing to importing, coupled with a difficult Christmas trading period, the decision was made to safeguard jobs and stabilise losses to the company.
Discussions with one of the company's main suppliers broke down in early January, following 12 months of talks.
Saracen Bikes Limited has purchased all of the stock, goodwill and intellectual property rights of Saracen Cycles Limited having secured new funding lines to protect the brand.
The new company will embrace all of the principles that Saracen has built up over the years including their leading edge designs, premier quality and value for money
The new firm employs 14 full and part time staff from its base in Warwickshire.
Joint Administrator Martin Coyne, senior partner at Poppleton & Appleby commented, "The business has struggled to keep pace with costs associated in changing from a manufacturer to an importer.
"Two years ago the company employed 80 staff, but despite effecting redundancies the transition costs were simply too high to stand.
"The new company has taken on all responsibility and warranty issues from Saracen Cycles and is working with key suppliers to ensure continuity of supply for the Easter trade."
Additional information may be obtained from Louise Gumery at Poppleton & Appleby on 0845 071 0854