The corporate has been saved from closure.
Frog Bikes has been purchased by Frasers Group (Picture: Getty)
A UK firm has been saved from administration by retail tycoon Mike Ashley. Ascot-based and Pontypool-made youngsters’s bike model Frog Bikes introduced it had gone into administration on the finish of March.
The enterprise was launched by mother and father Jerry and Shelley Lawson in 2013 with the purpose of making “high-quality, light-weight bikes particularly designed for kids”. With Olympic bike engineer Dimitris Katsanis on board, it labored to create bikes completely suited to younger riders.
We use your sign-up to offer content material in methods you have consented to and to enhance our understanding of you. This may occasionally embody adverts from us and third events based mostly on our understanding. You possibly can unsubscribe at any time. Learn our Privateness Coverage
The bikes are even attracted Royal clients. In 2021, Princess Kate launched an image of Prince Louis driving a frog bike to rejoice his third birthday.
6 kitchen gadgets banned from recycling bins below new guidelines
Petrol and diesel drivers urged to replenish earlier than 10am on Saturday
Frog Bikes blamed administration on “tighter monetary markets and diminished entry to funding (making) it more and more troublesome for rising manufacturing companies to safe the requisite working capital”. It additionally blamed Brexit and difficulties adjusting to post-pandemic “provide chain disruption”.
In 2021, the homeowners of Frog Bikes claimed that leaving the EU price them £250,000 in two months. Then, simply two years later, their accounts confirmed losses of £500,000.
Prince Louis on a Frog Bike in 2021 (Picture: Princess of Wales)
The directors have stated they’re contemplating a possible sale of the enterprise, during which “a number of events” have already expressed curiosity.
They stated: “Frog Bikes is a well-loved model with a wonderful status for producing high-quality bikes which are standard with youngsters and households throughout the nation. We’re inspired by the extent of curiosity we have already acquired from potential consumers.”
The corporate has now been saved by Mike Ashley’s conglomerate Frasers Group. BikeBiz reported that, in an e mail despatched to suppliers, Frog Bikes stated the mental property, model and inventory have been offered to the brand new proprietor.
“It’s, after all, disappointing that we had been unable to seek out an investor to tackle the manufacturing unit and proceed operations as they had been. Nonetheless, we’re happy to have discovered a purchaser who sees worth within the model and intends to take it ahead,” the e-mail stated.
“At this stage, we don’t but have full visibility of the plans or how Frog Bikes might be represented throughout completely different markets. As we study extra, we’ll share updates with you.”
It’s not the primary bike model to be bought by the Frasers Group. In 2018, the group saved Evan Cycles from administration and in 2023, it purchased WiggleCRC after it filed for insolvency.
Leave a Reply