Mango Bicycles Limited (07926083): administration
- Status
- Administration ended
- Administration began
- 2017-11-08
- Administrators
- Matthew James Higgins, Steven Phillip Ross
- Administrators' firm
- RSM
- Incorporated
- 2012-01-27
- Location
- Newcastle upon Tyne
- Industry
- 47640 Retail sale of sports goods, fishing gear, camping goods, boats and bicycles
Why it went into administration
- Rising costs / inflation
- Brexit
From the administrators' statement
Brief background
The business was founded by two students in 2012 to change the bike industry by selling directly to Customers without the cumbersome and old school bike shops between brand and customer. The business grew rapidly for 3 years before taking on investment from two private investors. The Company invested heavily for growth and pursued product lines that did not self as well as expected.
The announcement of Brexit increased costs of production dramatically increasing the selling price. When the sales price increased sales decreased. An experienced management team were brought in during 2017 to assist increase sales etc. Unfortunately, this did not deliver the desired results and the Company was unable to services its overheads.
Administrators' statement of proposals (2018-01-11) · Companies House register