Greyville Enterprises enters administration; buyer sought
Regrettably, another UK cycle industry distribution company has ceased trading, with Greyville Enterprises entering administration.
A buyer is being sought for the business, which supplies more than 1,000 retail and online shops. Steven Wiseglass, a director at Manchester-based Inquesta Corporate Recovery & Insolvency, and Paul Ellison, of KRE Corporate Recovery, have been appointed joint administrators.
The roots of Greyville Enterprises date back to the 1970s when the company represented UK manufacturers of bicycle components in Denmark and the Netherlands. Later, with the British manufacturing base in decline, it pivoted to focus on importing products to supply the UK cycle trade.
Greyville, based on the Moons Moat North Industrial Estate, Redditch, Worcestershire. It turned over £3.4m in the 2024 calendar year with losses after tax of £216,000, compared with revenues of £2.8m and profit after tax of £34,000 in the previous 12 months.
Steven Wiseglass said: “Greyville Enterprises is a long-established business which benefits from positive brand recognition and a strong reputation for providing a high-quality service, alongside straightforward and cost-effective ordering from an extensive range of products for bicycles, electric bikes and electric trikes, an exclusive B2B pricing strategy and a fast, efficient delivery operation. Over the years, it has secured a number of exclusivity and distribution agreements with notable cycling brands, including KMC, Oxford, Yomo, SR Suntour and more.
“Unfortunately, the business was unable to cover its debt liabilities and has therefore been placed in administration. A number of employees were made redundant before our appointment and regrettably we have terminated the employment of the remaining four members of staff. We expect strong interest from prospective buyers given the network of the company’s customer base and brand equity.”
The joint administrators have set an offer deadline of 5pm on Monday, June 30.
