Tue, 24 Jun 2014 | ADMINISTRATION
A company that supplied cycle parts to Team GB at the London 2012 Olympics has gone into liquidation.
Acorn Precision Engineering, which is based in Cromford Road Industrial Estate, Nottingham, made components for bikes used by Great Britain’s athletes at the Games. In total the cycling team brought in eight gold medals, two silvers and two bronzes.
Attempts to sell the firm as a going concern failed and it has now been forced to go into liquidation. Its assets will now be sold off at auction, the Derbyshire Times reported yesterday (23 June).
The business, which has been operating for more than 25 years, offered precision engineering including milling and turning. It was a key part of a supply chain that provided bikes for the likes of Sir Bradley Wiggins and Sir Chris Hoy to ride to success.
Insolvency practitioner Joe Sadler, a partner at Elwell Watchorn & Saxton LLP, is handling the liquidation. He said: “It was sad that Acorn Precision Engineering Limited had no alternative but cessation of trade despite a previous interest in a going concern sale.
“The machinery was maintained in an excellent manner and alongside John Pye & Sons we are anticipating a good interest at the auction which should generate a reasonable return to all creditors.”
Assets are being sold in an online auction this week, with interested parties able to view items already before the auction deadline on 25 June.
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