Raj Mittal and Nathan Jones of business advisory firm FRP have been appointed as joint administrators to Moore Large & Co.
Moore Large & Co. traded out of a 215,000 sq foot warehouse and office facility in Derby, and was a major importer and wholesaler of bicycles, accessories, cycle clothing and components.
The company completed a management buyout in April 2022 but has since suffered significant supply chain disruption and reduced consumer demand, as well as inflationary and exchange rate pressures on its margins.
An accelerated process was conducted over a number of weeks to attract investment. However, without any viable offers the directors proceeded to place the company into administration.
Upon appointment, after assessing all possible options, the joint administrators ceased trading the business. The majority of the 103 staff were made redundant with 26 retained temporarily to assist in winding-down operations.
The joint administrators have appointed agents John Pye & Sons Ltd to run an asset sale process, including the company’s stock of bicycles and accessories, through auctions over the coming weeks.
Raj Mittal, joint administrator at Moore Large & Co. Limited, said: “Between inflation, exchange rate fluctuations, dampened consumer demand and supply chain issues, Moore Large & Co. faced significant and sustained challenges. No doubt, many other businesses in the sector will be feeling similar pressures.
“Despite the directors’ efforts to save the company, crucial investment couldn’t be secured. Unfortunately, the financial state of the business meant that it could not keep trading and we’re now moving towards an asset sale. Our specialist employment team is on hand to support all impacted staff as they make claims to the Redundancy Payments Service.”
