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British clothing brand Vulpine enters administration

Joseph Delves
5 May 2017

Vulpine is insolvent despite raising a million pounds through crowd-funding and seeking second round of investment

British brand Vulpine has gone into administration. Having sold 16.76% worth of equity in the business to cycling fans and investors for over a million pounds in November 2015, the cycling clothing maker has unexpectedly gone bust.

As recently as late April the brand was still looking to refinance, attempting to raise another £750,000 via crowdfunding investment website Crowdcube, before pulling out of the offer.

The brand’s founder Nick Hussey issued the following statement in an email to investors:

‘It is with intense sadness that I have to inform you that Vulpine is insolvent and I have had to take the extremely difficult but essential decision to place the company I founded into administration, under UK law, hence my unusual formality.’

With the brand now in administration Hussey blamed late arrival of their latest Spring/Summer 2017 stock for the situation. With the administrators now attempting to sell the brand’s assets, the likelihood of investors seeing any return on their money will be in doubt.

Vulpine's Administrators will still be seeking to sell the brand's various assets, which may benefit any shareholders or creditors. Hussey has suggested that the business structure is largely still in place, should someone want to purchase the company whole.

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