The good news is that Brooks Saddles has been saved. See text of press release below.
Hilary Stone
Press Release
Brooks Saddles free to build on fine heritage in £1 Million acquisition
The management team of Brooks, makers of fine leather bicycle saddles have acquired the business from the liquidators of its parent company, Sturmey Archer Ltd (in liquidation) of Nottingham.
Brooks, based at Smethwick, Birmingham had always been a separate manufacturing centre from its parent company and so the team will be straight back into production on Monday 6th November.
The acquisition was supported by private investors from within the bicycle industry who have a high regard for the quality saddles that Brooks produce. Brooks saddles sell to over 180 companies world wide with over 85% of production going to discerning customers overseas. The saddles are used on a comprehensive range of cycles including traditional and contemporary styled bikes, touring cycles, tandems and performance road bikes.
Brooks Managing Director, Gordon Nixon is delighted to be back at work with his loyal team of craftsmen, saying "We were deeply shocked when our parent company went into liquidation through no fault of our own. Brooks was founded in Birmingham over 130 years ago and we have always been immensely proud of our heritage. We are now thankfully free to continue to build on our reputation as the finest bicycle saddle maker in the world. We are extremely grateful for all the support we have received, especially from our customers who have stood by us and who have today, on our first day back, given us orders in excess of a months production."
The acquisition of Brooks was overseen by Paul Bennett of the law firm George Green (of Cradley Heath), acting with the investors in conjunction with James Grenfell of Birmingham based Corporate Financiers, Invex Partners Ltd. Banking facilities are being provided by HSBC, Birmingham.
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Release: Immediate
For further information please call Gordon Nixon at Brooks - tel: 0121 565
2992
- fax: 0121 565 1630