Fri, 24 Mar 2023 | ADMINISTRATION
Administrators for the collapsed cycling products importer and wholesaler Moore Large & Co Ltd have engaged a national auction house to sell the company’s stock. The assets, which are valued at around £35 million, will go up for auction from today (Friday, March 24.)
Raj Mittal and Nathan Jones of FRP Advisory have hired Nottingham-headquartered John Pye Auctions to oversee the sale of the firm’s stock. The stock includes approximately 35,000 bikes, valued at a total of £25 million, along with accessories, such as clothing and helmets, valued at £10 million.
Moore Large had been operating for over 70 years, establishing itself as a major UK importer and wholesaler, selling a range of high-profile cycling brands, including Barracuda, Vitesse, Microshift, Lake and Forme.
The company underwent a management buyout in April 2022 but subsequently suffered as a result of supply chain disruption and reduced consumer demand, which, in combination with an oversupply of bikes in the wake of the COVID-19 pandemic, led to significant discounting.
The firm, which operated from a 215,000 sq ft office and warehouse facility in Derby, ran an accelerated sale process in an effort to attract investment. However, no viable offers were forthcoming, leading to the directors placing the company into administration.
Upon their appointment, FRP’s Raj Mittal and Nathan Jones assessed the company’s available options and ultimately ceased trading the business. The company’s stock will now be sold through John Pye’s weekly auctions and across its sites in Nottingham, Derby, Port Talbot and Chesterfield.
Bike retailers are reported to be the most likely bidders on the assets, raising the possibility that the stock will be sold in several large lots. Details of the auctions will be revealed via John Pye’s website and nationwide delivery will be available on all lots.
Charles Loake, joint head of John Pye Business & Property, commented: "We have the systems and knowledge in place to ensure we can sell the Moore Large & Co stock with the highest level of efficiency and return for its creditors.”
"Our UK-wide footprint of close to one million sq ft of sale space and a nationwide workforce of over 700 staff ensures we can handle the largest of insolvency cases.”
Download our free guide: How to find and buy distressed businesses and assets
One of the best ways to find properties below market price is to look at recent administrations.
The company is a prominent supplier of high-quality, nutrient-rich feed for cows, calves, and sheep, with full technical support, dairy costings, yield predictions, and silage analysis. To complement its core product, the business also supplies molas...
Situated in a parade, excellent main road trading position, residential, office, and commercial area, West London halal butchers (both wholesale are retail); are now for sale. Single fronted premises in the region of 1,100 ft² with electric shutters...
This is a rare opportunity to acquire one of the leading schoolwear and workwear wholesalers in the UK. Annual net turnover of over £1,000,000 with an excellent gross profit in excess of 40%. Well-established manufacturing supply chain producing own...
06
|
Sep
|
Surrey Victorian country manor hotel on the market for £8m | COMMERCIAL PROPERTY
Stanhill Court Hotel, a Victorian Country Manor House hotel ...
06
|
Sep
|
Livingstone-based civil engineering firm falls into administration | ADMINISTRATION
Glenevin Limited, a Livingstone-based civil engineering firm...
06
|
Sep
|
Worcestershire accountancy acquires Cannock-based counterpart | BUSINESS SALE
A full-service accountancy and advisory firm based in Worces...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.