2018 Planet X Pro Carbon Ultegra R8000.jpg UK-based fans of affordable bikes and cycling gear can rejoice this evening, as Planet X says its future has been "secured" following its sale to a West Yorkshire retailer backed by private equity.
A first Gazette Notice listed on Companies’ House (link is external) followed by an open High Court case that stated Planet X CEO Richard Mostyn-Jones had filed a notice of intention to appoint an administrator led to fears that the business wouldn’t survive; however, since then, compulsory strike-off action was discontinued and Planet X has been sold to Winlong Garments Limited according to its statement, with all 33 jobs at Planet X secured. Winlong Garments Limited is funded by Baaj Capital LLP.
Planet X said in a statement: "The Company had performed strongly during the COVID-19 pandemic, but had since experienced a dampening of demand. The impact of this on cash flow, coupled with supply chain issues, prompted the directors to explore sale, refinance and investment options.
"Following a seven week sales process that generated significant trade and financial investor interest, the business and assets were sold via a pre-pack transaction to Winlong Garments Limited. Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to the Company prior to the transaction completing.
"All of the Company’s 33 employees have transferred to the purchaser as part of the sale."
Mostyn-Jones said: “I am delighted to have secured the future of Planet X and the team here, with this transaction. Baaj Capital […]
Continue reading the original article at: road.cc