Thu, 24 Oct 2024 | ADMINISTRATION
Pidcock Motor Cycles, a Nottingham-based motorbike dealership, has fallen into administration after being bashed by the cost of living crisis.
The group, which was launched in 1975, sells Ducati, BMW and Triumph motorbikes but has struggled financially in recent times as a result of the hike in cost inflation and weak consumer demand. According to MotorCycles Data, UK motorbike sales were down 1 per cent in the first half of this year with high interest rates being another factor putting off buyers.
In its most recent accounts to December 31, 2023 the company had current assets of £3.5 million. Its net assets stood at £123,261 compared with £265,978 the previous year. Creditor amounts due within one year came in at £3.1 million.
It had 51 employees – again according to the accounts – with 18 people losing their jobs following the administration.
FRP's Nathan Jones and John Lowe, who were appointed joint-administrators on October 21st, said that the company’s Ducati and Triumph dealerships in Beeston and Long Eaton have been shut permanently, but through an accelerated sales process it has secured interest in its BMW site in Long Eaton. It is currently considering offers from prospective buyers.
“Pidcock is not the first retailer to struggle in challenging market conditions over the past year. The company is a reputable seller, partnered with some of the world’s best-known bike brands, and we’re not surprised that there has been interest from prospective buyers,” Jones said. “While it’s unfortunate that a viable route forward for all three sites hasn’t been possible, we’re hopeful of a positive outcome for the company’s BMW outlet. Securing that, as well as supporting employees affected by the closures, is our focus now.”
Sales from all of the company’s sites have been paused and a managed system put in place to allow owners to collect vehicles that have already been bought. All customer deposits are being protected throughout the administration process and FRP plans to contact customers about how to collect either their vehicle or their deposit in the coming days.
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