Brooks Cycles & Leisure Limited (08998174): administration
- Status
- Administration ended
- Administration began
- 2023-08-03
- Administrators
- Trevor John Binyon, Ian Mcculloch
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2014-04-15
- Location
- Milton Keynes
- Industry
- 47640 Retail sale of sports goods, fishing gear, camping goods, boats and bicycles
Why it went into administration
- COVID-19
- Weak consumer demand
- Rising costs / inflation
- HMRC / tax arrears
- Sustained trading losses
- Brexit
From the administrators' statement
The Company suffered a significant reduction in cashflow due to the COVID-19 lockdown restrictions and increased costs following Brexit. Although there was an initial boom in cycling during the pandemic it was difficult to obtain stock and the costs of continued trade were prohbitive.
The difficulties were exacerbated by the loss of a key member of staff following the end of lockdown. This indidivual left and setup a competing store in the same area further reducing turnover.
These difficulties were then compounded by the cost of living crisis that arose in 2022, and a corresponding loss of turnover and increase in the costs of supplies.
Administrators' statement of proposals (2023-09-23) · Companies House register