'Future of Planet X secured': Good news this Friday night for fans of affordable bikes and gear, as the jobs of all 33 employees at the Rotherham-based retailer have been secured following its sale according to the Rotherham-based bike brand. cycling
and Planet X has been sold to Winlong Garments Limited according to its statement, with all 33 jobs at Planet X secured. Winlong Garments Limited is funded by Baaj Capital LLP.
Planet X said in a statement:"The Company had performed strongly during the COVID-19 pandemic, but had since experienced a dampening of demand. The impact of this on cash flow, coupled with supply chain issues, prompted the directors to explore sale, refinance and investment options. "Following a seven week sales process that generated significant trade and financial investor interest, the business and assets were sold via a pre-pack transaction to Winlong Garments Limited. Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to the Company prior to the transaction completing.Mostyn-Jones said: “I am delighted to have secured the future of Planet X and the team here, with this transaction.
As Planet X alluded to, the pandemic saw a surge in demand for all things bike, with supply chain issues exacerbating historically low levels of stock due to the rush. As retailers, distributors and manufacturers tried to replenish stock, demand slowed to historic levels and has yet to pick up fully going into the second half of 2023, leading to cashflow issues and huge overstock in some parts of the bike industry. It has led to the downfall of UK distributors
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