A mountain bike maker which went into administration last autumn has been bought out by a new company set up by its founder.
Derbyshire-based bike manufacturer and retailer Stanton Bikes bought in administrators from PKF Smith Cooper on Friday, November 11.
A statement of affairs for Stanton Bikes Ltd published on Companies House suggests it was in the red to the tune of £2.145 million when administrators were called in. However it was able to continue trading while a buyer was sought.
PKF Smith Cooper said the business and its assets have now been bought by Stanton Bicycles Limited, a new company owned by Daniel Stanton.
Mr Stanton launched the original bike business after designing his first bike frame back in 2010.
The specialist bikes can retail for several thousand pounds, and the business also sells bike components, spares and merchandise.
The administrators said Stanton, which is based in Matlock, in the Peak District, had developed a national and international reputation for designing, manufacturing and selling hardtail and full suspension bicycle frames.
Dean Nelson, business recovery and insolvency partner at PKF Smith Cooper, said: "We are pleased to announce that the business and assets of Stanton Bikes Limited have been sold and will now continue to trade.
“Since it opened in 2011, Stanton Bikes has continued to establish a global presence in the biking world. However, recent financial difficulties have left the business in a perilous position.
"As the joint administrators, we always sought to sell the business as a going concern, so we are thrilled with this outcome protecting the brand, goodwill and employment.
“I am sure the revival of a household name like Stanton Bikes will be welcomed in Derbyshire and beyond."
