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.
