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Czech Favorit Sold

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ROKYCANY, Czech Republic (October 3)- The Favorit bicycle factory was sold in auction on September 24, 2002 for € 840,000. The opening bid was fixed at € 850,000, and the lot was subsequently sold to the only (Czech) bidder. The auctioneers said that till the last moment there had been several parties interested in Favorit, […]

ROKYCANY, Czech Republic (October 3)- The Favorit bicycle factory was sold in auction on September 24, 2002 for € 840,000. The opening bid was fixed at € 850,000, and the lot was subsequently sold to the only (Czech) bidder. The auctioneers said that till the last moment there had been several parties interested in Favorit, but they didn’t attend the auction.
The new owner is already active in the bike industry and has communicated that he wants to continue manufacture bikes in Rokycany. The new owner doesn’t want his name disclosed. He has got two months to pay, and then will be entered in the real estate register, where his anonymity will end. However, rumours are building about the identity of the man that bought the old bicycle facility in the Czech Republic. These rumours point at Josef Kozumplik; a man who already has a major interest in the bike sector of the Czech Republic.
The buyer acquired 19,000 m² with premises (accounting value of the fixed assets is € 1.5 million), the entire technology, the Favorit trade mark, 4 – 5000 bikes (wholesale value € 460,000), plus the care for 85 employees.
Favorit has been manufacturing in low gear since the start of bankruptcy proceedings in November 2001.(MM)

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