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.”
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