Vulpine Clothing

Dear Geraldine,

My name is Barry Dunn and I am the CEO of Mango Bikes. As you may already be aware, Vulpine Performance Ltd was put into administration on 5th of May. The administrators, RSM, then had a duty to sell any assets of value to the best bidder.

After a competitive asset sale period of three weeks, Mango Bikes Limited was chosen as the winning bid by RSM, and we acquired Vulpine's assets on Friday the 26th May. We are in no doubt that the administrators chose Mango Bikes Limited as we offered the best deal for creditors and have visions for taking the business forwards, whilst keeping it relatively unchanged for the customer. In addition to this, we also have a significant advantage regarding economies of scale, allowing us to operate at reduced costs, which were previously unattainable by Vulpine Performance Ltd.

Like so many, we have admired what Vulpine has been able to achieve in the urban cycling space, which we also inhabit as an ecommerce urban bicycle brand. Cashflow issues can hit any business, no matter how fast they grow and we are glad to be able to help a brand we have looked up to, though we understand that this does not help you as an investor.

We cannot give you financial advice, but if you are a UK resident, you may wish to consider using Vulpine Performance Ltd's EIS status to claim back Loss Relief, as this can be a significant benefit, along with Tax Relief. You may be able to recover a significant proportion of your investment, though you may want to get your own independent financial advice. Click here to view Crowdcube's information page regarding EIS Tax Relief for Investors. If you are uncertain of the status of your shareholding, please refer to Crowdcube via support@crowdcube.com. If you have questions regarding the administration process, please email robert.young@rsmuk.com.

As a gesture of our goodwill towards you, we will honour any shareholder discount code that you may have been given when you invested, for one year, until the 1st of June 2018. If you have misplaced your code, or do not know whether you originally qualified to receive one, please email info@vulpine.cc and we will be happy to help you.

Yours faithfully,
Barry Dunn, CEO, Vulpine & Mango Bikes

I think this means that investors will see nothing.