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Vulpine bought out by Mango Bicycles

Joseph Delves
31 May 2017

Clothing brand hopes to be 'back up to speed within days' but questions remain surrounding its management and finances

Outstanding orders with British clothing maker Vulpine should be honoured, while the brand looks to continue trading following a last minute buyout by Cirencester-based bicycle distributor Mango Bicycles.

In a post on its Facebook page, Vulpine announced: ‘You may have noticed we dropped off the map for three weeks. We were having financial difficulties. It’s not been fun.

‘But we are happy and relieved to announce that the Vulpine brand has been saved by fellow British urban cycling lovers Mango Bikes. All orders, refunds & exchanges will be honoured, and we hope to be back up to speed within days.’

Investors in the company, which had repeatedly sought to raise cash through crowdfunding, will have to wait a little longer to find out if they’ll see any return on their money. Realistically the deal is unlikely to see them get any kind of return on their cash.

Slightly more promising

Still, the outlook appears slightly more promising than it did earlier this month when the brand announced that it had been put into administration.

However, serious questions about the governance of the company still remain. During its last round of crowdfunding owner Nick Hussey valued the company in excess of £6-million.

That valuation now appears to have been entirely unrealistic. The Equity Crowdfunding Experts blog, which has been covering the story in depth, reported that Hussey was previously paying himself a salary of over £90,000.

It also claims that in the final months of the company's operations an unnamed director paid himself £34,000 at a time when it must have been obvious that the money had already run out.

The debacle is a sad episode for a brand that had built a following among British cyclists, many of whom had invested their own money in the company.

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