£35 million Moore Large stock is going to auction
An auction house – Nottingham headquartered John Pye & Sons – has been appointed by Moore Large’s administrators to sell its £35 million stock.
Following challenging months of trading, Moore Large confirmed it was seeking to appoint an administrator last week (13 March). News of the auction will support fears that the bike retail channel is likely to see vast number of reduced bikes and accessories in a market already contending with too much stock.
Joint administrators Raj Mittal and Nathan Jones have appointed John Pye Auctions to put stock and assets up for sale, the auction house that recently worked with PwC to sell MADE.COM Design Limited’s £30 million-plus UK stock holding.
Moore Large’s stock includes approximately 35,000 bikes with a retail value of around £25 million. In addition, £10 million worth of bike accessories will go into John Pye’s weekly auctions from week commencing 20th March.
Brands including Forme, Barracuda, Bickerton, Cuda and others will be sold across all John Pye’s auction sites at Nottingham, Chesterfield, Port Talbot and Derby.
Charles Loake, Joint Head of John Pye Business & Property said: “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 1,000,000 sq ft of sale space and a nationwide workforce of over 700 staff ensures we can handle the largest of insolvency cases. Since Covid, cycling as a hobby as increased exponentially, so this an opportunity for enthusiasts to potentially secure some big name bikes and accessories at a great price.”
Stock will be available at www.johnpye.co.uk from week commencing 20th March.
Following the sad news at Moore Large, brands have begun to find other routes to the UK cycling industry, including Lake. A glance at the UK cycling industry’s LinkedIn pages also reveals how many ex-employees are looking for new roles in the sector.
