Orange Bikes gives statement on administration reports
Orange Bikes has issued a press statement following reports that it has gone into administration. It reads as follows:
In response to current speculation regarding the position of Orange Bikes and the recently filed Notice of Intention to appoint Administrators:
Orange Bikes and its associated companies are currently working with Specialist Business Rescue Advisory firm J9 Advisory, with a view to restructuring the businesses in order to provide a viable platform to service our customers in the best way possible, safeguarding jobs and ensuring the continuation and strength of the Orange Bikes business moving forwards.
Further details will be released as soon as possible.
Reports indicated that Orange Bikes filed its intention to appoint an administrator days before Christmas 2023. That came days after the business announced that Orange Factory Racing was not returning for 2024 after its three years on the scene. It said: “With so much uncertainty in the bike industry, challenges around the future of the Enduro World Cup Series and the sheer cost of running a competitive Factory-level team, we’re pressing pause.”
2023 saw a number of company administrations in the cycle industry, with a number of different outcomes for those businesses, including rescue by acquisition.
