End of WiggleCRC?

Gear
462

Dredging this up. I’ve seen a few things about Canyon in recent weeks, struggling but not badly in the clart. Apparently the original founder has bought a big stake back in the company and reduced a few prices (not the Speedmax I think :frowning: )

Also mentioned they’d cut a lot of staff in a separate article earlier this week across different bases. Hopefully they’ll turn things round again as they make nice looking bikes, but I don’t think some of the custom components help them, especially when customers have to pay a premium for third party maintenance.

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463

There’s a lot of pressure on stores to have significant increases in sales this year. I think it’ll be another bad year for bricks & mortar sadly. We will be down to very few (maybe a handful) real bike shops by 2030, and they’re unlikely to prioritise sales, it’ll be workshop mostly.

It’s a sad demise in the community when you see the success in other countries. But I think running only shops have gone the same way. Swimming shops? Not seen one in years (decades?).

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464

There’s been a huge increase in the number or maintenance-only bike shops in London, particularly on the commuter routes.

I pass 4 in 6km on my commute. Some of them do “courtesy bikes” so you can drop your bike off on your way to work and borrow one of theirs.

The Eritrean bloke on Brixton Road is great. When I’ve been in with my bike there’s usually someone paying to have a puncture fixed :roll_eyes:.

A lot of them have re-opened on sites that were Evan’s or Cycle Surgery in the past, so I guess the business is more viable without having to carry a load of expensive finished bike stock

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465

A key decision at Madison years ago was to create a B2B sales platform that guaranteed overnight delivery. So a customer could like a bike but want a different colour. The shop didn’t have to carry so much stick and thus footprint was less

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466

I think you mean “a load of debt servicing after the private equity buyout”

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467

But they cornered their independents into unsustainable terms and therefore were one of the key protagonists of independent retailers dying. Only the chains or “direct owned stores” survive because they have buying power to negotiate with the likes of Madison. Madison and other resellers also do not have “sale or return” adding another unsustainable term to small businesses that can’t support it.

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468

Even those with buying power suffered in the end.

Thankfully the customer commercial aspect wasn’t my responsibility. I set up the logistic platform do do a day in a day and offer overnight delivery. Saved them a fortune.

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469

oh bugger just ordered a Canyon this weekend ,hope they don,t go bust :cry:

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470

It didn’t sound anywhere near that bad but trying to get the business moving again.

That’s 2 of you!

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471

Oohh another one for the new purchases thread! What did you get???

472

a carbon gravel :heart_eyes:

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473

Aye up, Alpkit’s gone under :slightly_frowning_face:

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Ahh no. Love a bit of Alpkit.

Wearing a zip up hoody of theirs right now. :pensive_face:

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475

Oh noo :cry:

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476

Didn’t they do some headtorches?

477

Yep, I’ve got one. Shame that as they were generally decent and reasonably priced. Had a shop in the Keswick and another in Otley I think.

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478

Yup. And the Sonder bikes that I think were quite well reviewed.

I’ve bought a few bits from them over the years. As Jeff said, decent quality and a decent price. My ‘jetboil’ was half the price of the branded version.

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479

This is the email that was sent to shareholders.

I am writing to share some extremely difficult news and the hard choices we must take to ensure Alpkit continues.

We’ve faced incredible challenges over the last three years—rapid cost inflation, challenging market environment and new trade barriers coupled with the rising weight of interest rates and recovery loan repayments. While we have made huge progress, and came incredibly close to a successful turnaround, my Board recognises that these pressures have created an insurmountable mountain for us to climb as we currently stand.

It is an extremely sad day for everyone at Alpkit, and for us co-founders in particular.

Today, we are confirming that the Board has accepted that we must place Alpkit into administration. We have applied to the courts to start that process. It is hugely regrettable, as unfortunately, this means the value in your shares is lost.

As the main shareholder and Chief Executive, I carry the weight of this personally. Under my leadership, we have made mistakes. But overall, we have done so much more right.

Alpkit was founded on friendship. One of the personal pleasures of this journey—which makes this decision so much harder—is knowing that behind every transaction is a human relationship. People we know, we trust, and we enjoy doing business with. To us, you have always been far more than lines and numbers on a chart.

Alpkit has been a lifetime’s work with so many highs: award-winning products, industry firsts, and the honour of being named Outdoor Brand of the Year just this past December. Throughout this time, your support has been overwhelming. You have inspired and energised us with your guidance, your product feedback, and your time spent with us at AGMs, Big Shakeouts, and on our gravel rides.

The Path Forward

We are in advanced talks with a new owner and investment partner and expect to share news with you shortly. Everything is in place to complete the deal. We expect that all jobs will be saved, our stores will remain open, and all customer orders will be fulfilled.

The Alpine Bond remains strong. Our pipeline of new products is as exciting as ever. We remain here to help you Go Nice Places, Do Good Things.

In doing so, we are doing something rare. Every shareholder who joined us through either of our crowdfunding campaigns will be given shares in the new company. This is not just a commitment from the team here; it demonstrates how well-aligned our new investor is with each and every one of you. You invested in us, and although that original business is lost, we want you with us with a stake in our future.

I’d like to thank you personally and also on behalf of Nick, Col, Kenny and Leigh for supporting us through the highs. Our entire team looks forward to emerging from this low—together. And with your continued stake in Alpkit, we look forward to having you alongside us on the journey ahead.

David Hanney

Chief executive

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480

Is crowd funding equity raising still a thing?

It seemed quite common a few years ago, especially with small businesses launching new products.

There must be lots of people out there with small worthless investments in businesses that have never taken off.

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481

Or small worthless investments in businesses that have taken off but have restructured to be worthless… Iain looks sternly at his BrewDog Equity for Punks card

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