BIKE EUROPE: MANCHESTER, UK (October 17) - Avocet Sports Limited has acquired some of the fixed assets and stock of Concept Cycling Group Limited from the Administrators, including all brands and intellectual property. Avocet Sports Limited is a company 100% controlled by Steven Walsh who originally founded Concept Cycling Limited with Paul Allen in 1996, and subsequently sold it in July 2003 to it's management team.
During late 2004 to early 2005 the Concept Group started to experience trading difficulties which progressively worsened. Walsh was invited by the directors and shareholders of Concept Cycling Limited to rejoin the board to assist in a turnaround. He rejoined the board of directors on 26th April, 2005. Unfortunately a turnaround proved to be too difficult and the Group went into Administration on 7th September. Walsh's personal investment in the Concept Group was over US$ 3 million.
Commenting on the acquisition Walsh said: "The last 6 months have been very difficult but now there is a way forward. I am pleased to be able to remain in the bicycle industry and I hope to build a successful company in which all employees, customers, and suppliers have a bright future." The newly formed Avocet Sports Limited has taken over some 20 of the Concept employees, and will be based in Manchester. Trading will start immediately, selling the stock taken over from Concept. Walsh intends to relaunch some of Concept's bicycle brands in 2006. For further information please email: email@example.com