Major Changes at one of UK’s Biggest Bike Suppliers

MANCHESTER, UK (April 28) - Concept Cycling Group, which is one of the larger bicycle suppliers in the UK, is again in the hands of Steven Walsh. He sold the company in 2003 to the management. Recent trading difficulties have resulted in Steven Walsh taking back the majority shareholding in the Company. After an extended period during which the Concept Cycling Group fell short of the targets required by investors in the buyout, the management have invited Steven Walsh to re-invest and take control again. Over the past few weeks Walsh has been reviewing all options and having the full support of the Concept Board he has decided to step back in as Chairman & Managing Director. As a result of the restructuring Robert Pollard has resigned from the Concept Board of Directors to pursue other business interests outside of the Cycle Industry. “We can now get on with the business of returning Concept to profitability as soon as possible,” said Walsh. Concept has two subsidiaries, Acorn Sports & Leisure Ltd. and Wheelbase Ltd. The Concept Group had in 2003 al turnover of about GBP 30 million (€ 50 million); sold about 400,000 bicycles through 1500 dealers and employed 240 people at that time. It operates under the Concept, Integra, Saxon, Coyote and Viking brands. Concept Cycling has been the main customer of a Bangladesh bicycle factory called Meghna over the past 4 years in which Steven Walsh was also involved.