British outdoor sports retailer Alpkit has been taken over by new investors, just two days after the company entered administration.
In a statement, the company, which owns Sonder Bikes, said “a significant financial restructure and new investment” had secured the business’ long-term future. Chief Executive David Hanney had hinted at a swift takeover in his initial statement to shareholders, writing that “Everything is in place to complete the deal. We expect that all jobs will be saved, our stores will remain open, and all customer orders will be fulfilled. The Alpine Bond remains strong.”
Whilst the statement of the company takeover did not explicitly name the new owners, it announced that Jeroen van den Berge would join the board as Non-Executive Chairman and ‘investment partner’. Van den Berge is the Director of Middle8, a company specialising in small and medium-sized enterprise buyouts “with great scale-up potential”.
2024 2024 Sonder Prima Al 105 Di2 – riding 2.jpg (credit: road.cc)
Announcing the takeover, the company reiterated the “triple threat” of cost inflation, new trade barriers and a challenging retail environment that had led the business into difficulty. Company accounts to 2024 show Alpkit’s losses grew to £1.4 million despite rising turnover. But despite the difficulties, Alpkit say that “all 194 of our jobs across our retail, warehouse, manufacturing and central teams remain, as do the company’s senior leadership.”
With the company entering administration, all shareholders in the company lost the value of their shares. Alpkit had previously raised £750,000 in eight minutes, eventually raising £1.5 million in 2020. However, the company say that “all existing crowdfund shareholders will be offered a stake in the new company.”
Announcing the takeover, Hanney said “while today is a day of reflection on the challenges that led to this restructure—and we deeply regret the impact on our creditors, partners and shareholders—it is also the start of a vital new chapter. Under new ownership, Alpkit becomes a well-funded, more resilient business.”
Van den Berge, described as an “an experienced investor, operator and outdoor enthusiast” said that “What excites me about Alpkit is the strong heritage and values, leading product credentials, direct-to-consumer model and loyal membership base. I also share the team’s vision of Alpkit becoming a home to other complimentary brands.”