Administrators Complete Sale of Concept Cycling Group Ltd

WORSLEY, UK (Oct 25) - The joint administrators of Concept Cycling Group Ltd have today confirmed the sale of the business and assets of Concept Cycling Limited, two stores of Wheelbase (UK) Limited and the assets of Acorn Sports & Leisure (UK) Limited on 13th October 2005 to Avocet Sports Limited. Paul Flint and Brian Green from KPMG Corporate Recovery were appointed joint administrators of the above companies, all dealing in the sale of cycles and cycle accessories, on 7th September 2005. All members of staff at Concept Cycling Ltd’s Worsley site have transferred to Avocet Sports Limited. The companies’ operations in Oldham, Stockport and Haworth are likely to close in due course and 96 redundancies have had to be made. Brian Green, KPMG Corporate Recovery partner and Joint Administrator, said: “We are delighted to have completed this sale and wish the purchaser every success for the future. We are still in negotiations with potential purchasers with regards to the sale of the final Wheelbase store based in Staveley, Cumbria, and hope to be able to announce a deal soon.” Avocet Sports Limited is a company 100% controlled by Steven Walsh who originally founded Concept Cycling Limited. 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. (MH)