Cycling apparel company Vulpine has gone into administration, CyclingIndustry.News has learned.
Launched in 2012 by Nick and Emmalou Hussey, the brand had built up quite a substantial following in the cycling world, which came to enjoy the high quality and performance, but understated style of the brand.
The firm had also forged collaborations with Olympian Chris Hoy, among others, with whom the firm produced the signature Hoy Vulpine label.
Vulpine had recently returned to crowdfunding a new line having successfully done so in 2015 where the company smashed its Crowdcube goal of £500,000 by more than double.
The recent stint on Crowdcube started half way through April and which targeted an investment of £750,000, was pulled ahead of completion.
On this the company statement offered: “We pulled out of the Crowdcube attempted raise and began contacting previously interested investors and potential buyers of Vulpine, plus a raft of new contacts. Whilst there was strong recognition of the brand, and initial verbal interest, none have produced offers or ongoing due diligence, and communication has stopped. It is highly possible that, having seen our precarious financial position and the complications of doing a fast enough deal, they are waiting to pick the business up in administration instead, if any deal is to be done.
“Vulpine’s brand and business structure remains relatively undamaged at this point, and any acquisition via administration would see the highest potential value to all stakeholders if conducted as quickly as possible.”
Now proposed is a sale of the company’s assets, including brand, goodwill, database and website. Interested parties can contact Robert Young at RSM via firstname.lastname@example.org.
The company’s 588 shareholders have all been notified in an email which spoke of financial constraints tied to the late arrival of spring/summer 2017 ranges.
“It is with intense sadness that I have to inform you that Vulpine is insolvent and I have had to take the extremely difficult but essential decision to place the company I founded into administration, under UK law, hence my unusual formality,” said Hussey in the statement.