Stanton Bikes is leaving administration as Dan Stanton has bought out the company.
Stanton Bikes Ltd entered administration on November 11
as Dean Nelson and Nick Lee, business recovery and insolvency partners at PKF Smith Cooper were appointed after a court petition by a creditor.
In a recently released statement of affairs for Stanton Bikes Ltd published on Companies House it appears that the brand owed around £2.14 million to creditors at the time it was brought into administration. While in administration the company was able to continue trading until a buyer was sought.
According to reports by Business Live
Dan Stanton, the original founder, has now bought back the company under a new trading name; Stanton Bicycles Limited.
Both the business and its assets have been sold as a going concern to the new company owned by Dan Stanton. Stanton bikes is expected to continue trading with business recovery and insolvency partner at PKF Smith Cooper, Dean Nelson, saying this outcome will help to protect "the brand, goodwill and employment."