Major long-standing cycling distributor Moore Large has entered administration, according to multiple reports.
The Derby-based wholesaler stocks a vast array of cycling brands, including Lake, Forme and Microshift. It has yet to issue an official confirmation of the situation.
BikeBiz reports staff were informed of the situation on Tuesday morning, with office based staff called to a meeting in the company showroom and remote workers dialling in from outside.
A skeleton staff is being kept on in accounts and admin to help out with the administrative process.
Its most recent set of accounts, for the year to 31 January 2021, gave little sign of what was to come. They showed an "extremely successful year" for the company which reported an more than ten fold increase in pre-tax profit to £6m, up from £587,213 in the year before.
Then-chairman Nigel Moore noted in those accounts that the rise was "driven by significant uplift in demand in the first year of the Covid pandemic".
He added: "Issues with disruptions in the supply chain continue into 2021 and look likely to continue for many months if not years. Lead times have extended in many cases to 18 months and costs for sea freight have increased tenfold." Though he added the company had forward order products through 20221, 2022 and in some cases 2023 to try and mitigate this.
In April last year Moore Large was the subject of a management buyout, with its board of directors Dale Vanderplank, Adam Garner, Adam Biggs and Andrew Walker, acquiring the business. They took full shareholding of the business from the Moore family, BikeBiz reports.
According to the Moore Large website, it had "already embarked on a business-wide revision of our systems and processes to achieve ambitious growth goals that align with the requirements of our customers, their end customers, and the cycling industry as a whole".
The Moore family had been involved in cycling for more than 70 years, with John H Moore setting up the first shop in Rickmansworth back in 1947. Moore Large was formed in 1974 when his son John Moore joined forces with Puch distributor Cliff Large.
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