Planet X N̶o̶t̶i̶c̶e̶ ̶o̶f̶ ̶I̶n̶t̶e̶n̶t̶i̶o̶n̶ ̶t̶o̶ ̶a̶p̶p̶o̶i̶n̶t̶ ̶a̶n̶ ̶a̶d̶m̶i̶n̶i̶s̶t̶r̶a̶t̶o̶r̶ sold - June 2023

CEO Richard Mostyn-Jones: Notice of Intention to appoint an administrator

https://caseboard.io/cases/7c9cda66-5c6e-42bc-ac84-06b024a9216f

https://road.cc/content/news/planet-x-refuses-comment-administration-rumours-301679

Well done to the person on here who clocked it months ago.

Sad times for the industry.

Is this a sign of the times for bigger cycle companies? Evans were struggling for various reasons. Anyone know how Wiggle/CRC are actually doing behind the scenes?

Sad times indeed, they were a good business. All these bike businesses going under, makes me wonder what they did with all that boosted profit made during the covid boom, didn't invest it into the business clearly..

Sad times indeed.
I love my Pro Carbon.
Pretty sure I no longer own any bikes by a company that's still trading.
Bowman, Planet X, Talbot Frameworks etc etc 🤣

Anyone know how Wiggle/CRC are actually doing behind the scenes?

This is the share price details for the parent company:
https://uk.finance.yahoo.com/quote/K2S.SG?p=K2S.SG&.tsrc=fin-srch

Is this a sign of the times for bigger cycle companies?

Just so competitive isn't it! So many ways to find discounted stock, always a buyers' market.

We need the “covid inflation” to come down and reflect the current market. Look how much a simple sirrus is.

I'm surprised. Wonder what the issue was; too many niches to cover, margin too thin, too much choice?

A good buy for Mike Ashley?

Cannot remember the last time I saw a PX bike on the road.

Lots and lots of them at the velodrome.

I feel like it changed when the slightly mad bloke that started it left and it became employee owned. It stopped being this crazy jumble sale type place where you went to buy some sealant and a pair of cheap tyres and ended up grabbing a few extras like some Oakley knock-offs, a titanium straw and some coal tar soap.

makes me wonder what they did with all that boosted profit made during the covid boom

You only made profit if you had stock to sell and the scale to keep up with demand.

Everyone else gets shafted.

The crazy jumble sale thing was definitely a thing
A container of old Vitus frames, tons of old drops and odd bits, was fun to see what might pop up next
The 365X base layers were really good (still have two) then the Carnac stuff that replaced it was all a bit rubbish
Bought a torque and bits set from them two months back which is alright
Sounds like just in time
Bit sad really

I’m surprised, we seen them a lots in our workshop.

Saw quite a few Planet X bikes on ride london, and commuting

Sad…a colleague bought one of their bikes last week she is really stoked with it

This was peak Planet X for me

Weren't there rumours that Ribble wasn't doing too great either?

I rode mine tonight.

Won't forget my dad having the old catalogues about the place at home with the order form on the back page. I've got some planet x stuff which has held up admirably for many years, specifically base layers (long and short sleeve).

I wonder if the on one brand might get sold on.

This may not be accurate - but I had heard that all their frontline and warehouse staff were entirely on zero hours contacts. So probably perfect for a sports direct merger.

For you (not mine - but I have one)

1 Attachment

Is this a reprieve?
https://find-and-update.company-information.service.gov.uk/company/06535324/filing-history

Maybe. Could be a buyer. Could be anything.

Just had a quick look into their annual report; 21 they made 2.8M in profit, 22 was 1.1M not great but profit is good. Sadly they also owed6.9M up from 5.5M the year before.

The exec summary is slowdown in sales after covid, brexit, ability to source components. That said they don’t seem to have bike shortages but who knows what they ordered but didn’t get yet. Lots more production staff with less sales seems “sub-optimal” so maybe they just stupidly gambled on the Covid boom continuing like wahoo did and it backfired.