Three weeks after it went into administration, Vulpine has been bought by Mango Bikes
At the start of May, British cycle clothing brand Vulpine announced that it was going into administration. The administrator RSM has now chosen Mango Bikes as the winning bid to take over Vulpine’s brand and its assets. Contracts for the rescue by Mango Bikes were exchanged on Friday, May 26.
Formed in 2012, Vulpine has developed a substantial following and forged a collaboration with Olympian Chris Hoy, producing the signature ‘Hoy Vulpine’ label as well as a wide range of urban cycling clothes.
Vulpine founder Nick Hussey attributed the insolvency to the late arrival of the Spring/Summer 2017 range and a lack of campaign momentum.
Barry Dunn, Mango Bikes CEO and now head of Vulpine too says: “We were gutted to hear that Vulpine were having problems. We knew that it would be such a terrible waste to the British cycling industry if they disappeared. We are all admirers of what they have created and their ethos as it chimed so closely to what we do.
“Then we started thinking, what if we stepped in and saved them? It made perfect sense to go for it! I am proud to say that it’s a great feeling being able to help and to become part of the story of such a brilliant company. We want Vulpine to continue doing what it does so well.”
Vulpine had previously sold 16.76 per cent worth of equity in the business to cycling fans and investors for over a million pounds in November 2015 and in April 2017 was attempting to raise another £750,000 via crowdfunding investment website Crowdcube.
As part of the rescue, Mango says that it will honour all orders, refunds and exchanges. It’s already taken on extra staff to help clear the three week backlog that has developed.
Mango Bikes was chosen for their return to Vulpine stakeholders and says that key members of Vulpine’s design team will continue to work for the brand.