Things were looking bleak for UK bike manufacturer, Planet X, after an intention to appoint an administrator was filed on 1st June. This was followed by a First Gazette Notice, published 6th June on the Companies House website, threatening that the brand would be "struck off the register and dissolved".
However, it's now good news for the 35 year old South Yorkshire based brand as it's been saved from the threat of going under and all 33 jobs at the company have been secured. In a new deal, Winlong Garments bought up Planet X's assets with funding from Baaj Capital LLP. With both companies usually operating in the fashion industry, it will be interesting to see if Planet X takes a new direction following this deal.
In addition to Planet X branded bikes, the company also produces bikes and gear under the brand names On-One, Titus, Holdsworth and Carnac.
Richard Mostyn-Jones, Planet X CEO, said, “I am delighted to have secured the future of Planet X and the team here, with this transaction. Baaj Capital is a very entreprenurial organistion with vision and values aligned with our own. We look forward to further building on our heritage and expertise and continuing to supply the cycling community both here in the UK and across the globe.”
Howard Smith, managing director at the financial advisory business, Interpath Advisory, and joint administrator, said, “Planet X has grown over the years to become a well-respected and well-loved name in the cycling community, so we’re pleased to have been able to conclude this transaction which will see the business continue to trade and, importantly, which safeguards the jobs of the Company’s workforce. We wish management and the new owners all the very best for the future.”
Jas Singh, owner and director of Baaj Capital said, “This exciting acquisition accelerates Baaj Capital’s plan to invest across a wide spectrum of diverse business opportunities; the retail sector, with both online and bricks and mortar sites, being only one area of interest.
“Baaj Capital has actively funded the acquisitions of both distressed and solvent companies through many sectors over the recent past. Planet X incorporates both specialist production and innovative design, with a reputation for quality and finish, and represents an exciting addition to the businesses trading with Baaj Support. Our thanks to the Interpath team and Company Management for their help in delivering this project.”
