Cycle clothing brand Vulpine is "insolvent" and enters administration

Kadinkski wrote:

I invested in the low 5 figures, but I knew it was a gamble and was prepared to lose it - I assume it's gone but its no big deal to me. Ony an idiot would have invested anything they couldn't afford to lose in that proposition - it was a hot mess, but a beautiful idea.

Nick is a really engaging chap and is passionate about cycling - I invested in him rather than the numbers. I wish him well in the future. Nothing but love from me.

So you have love for someone who:

1) Wrote to investors on 30th of March saying everything is great, asking for more money and then less than a month later putting company into administration?

2) Went to the public to ask for money with a very misleading premise and state of affairs?

3) Engage in nepotism, irresponsible spending (2 custom bikes as presents for him and his wife at cost of £10k+) and drawing down £36,000 in directors fees in the 4 month prior to administration?

Hey, I respect all opinions but a lot of people wouldn't!

Fixie Girl wrote:

Yorkshire wallet wrote:

There's a movie in all this.

Perhaps Nick can raise the capital he has a "gift"! And where is Tony? I would argue that he has his proof from multiple sources now.

Hi Fixie Girl

I'm enjoying my Saturday. Eating popcorn
 

gbzpto wrote:

@Fixie girl "A company disproportionally feted by the cycling press" this is what I always felt as well never could understand why. Road.cc were certainly taken in - and sounds like at least one of the staff had shares in the company. Probably makes sense now.

It doesn't "sound like at least one of the staff had shares in the company" one of 'em did buy shares in the Crowd Cube offering, on the same basis as Kadinkski. I did mention that some way back.

Some of you seem to be labouring under the misapprehension that road.cc is some sort of business news website doling out investment advice on cycling companies. We're not.

Buying advice road.cc is qualified to give:

Buying a Vulpine jacket? - Yes

Buying Vulpine? - No

Our interest in Vulpine pretty much begins and ends with their products - which by and large were very good. When they were raising money on Crowd Cube we reported it - it was interesting, ditto Le Col - ditto Huez. I'd have to say that if you were making investment decisions on the basis of our news stories about Vulpine… well. 

Tony Farrelly wrote:

gbzpto wrote:

@Fixie girl "A company disproportionally feted by the cycling press" this is what I always felt as well never could understand why. Road.cc were certainly taken in - and sounds like at least one of the staff had shares in the company. Probably makes sense now.

It doesn't "sound like at least one of the staff had shares in the company" one of 'em did buy shares in the Crowd Cube offering, on the same basis as Kadinkski. I did mention that some way back.

Some of you seem to be labouring under the misapprehension that road.cc is some sort of business news website doling out investment advice on cycling companies. We're not. Our interest in Vulpine pretty much begins and ends with their products - which by and large were very good. When they were raising money on Crowd Cube we reported it - it was interesting, ditto Le Col - ditto Huez. I'd have to say that if you were making investment decisions on the basis of our news stories about Vulpine… well. 

Agree Tony. It is a case of caveat emptor.  

Perhaps it would be useful lesson to carry a follow on piece when all the facts come out and the dust has settled. I hope that there won't now be a negative impact on raising funds for the likes of Le Col and Huez. 

Pete B 

Kadinkski wrote:

I invested in the low 5 figures, but I knew it was a gamble and was prepared to lose it - I assume it's gone but its no big deal to me. Ony an idiot would have invested anything they couldn't afford to lose in that proposition - it was a hot mess, but a beautiful idea.

Nick is a really engaging chap and is passionate about cycling - I invested in him rather than the numbers. I wish him well in the future. Nothing but love from me.

You invested in the low five figures but were prepared to lose it so no biggy? Can I have your job for a while?

Kadinkski wrote:

I invested in the low 5 figures, but I knew it was a gamble and was prepared to lose it - I assume it's gone but its no big deal to me. Ony an idiot would have invested anything they couldn't afford to lose in that proposition - it was a hot mess, but a beautiful idea.

Nick is a really engaging chap and is passionate about cycling - I invested in him rather than the numbers. I wish him well in the future. Nothing but love from me.

I could understand the first part if the insolvency was down to outside issues, not internal suspect business practise.

second part makes Nick sound like a modern day Jim Jones..  Just dont drink the cool aid?! 

davel wrote:

That's Kadinkski - no thread is complete with his loadsamoney input, bless him.

First para - valid. Could've been summed up as 'caveat emptor'.

Second para - bollocks. 'Investing' in a duplicitous salad, no matter how engaging, won't maintain the lifestyle K is so obviously accustomed to.

How many would have invested in Nick alone even with his obvious charm if they knew the true state of the business.

Any takers?

gva wrote:

Kadinkski wrote:

I invested in the low 5 figures, but I knew it was a gamble and was prepared to lose it - I assume it's gone but its no big deal to me. Ony an idiot would have invested anything they couldn't afford to lose in that proposition - it was a hot mess, but a beautiful idea.

Nick is a really engaging chap and is passionate about cycling - I invested in him rather than the numbers. I wish him well in the future. Nothing but love from me.

So you have love for someone who:

1) Wrote to investors on 30th of March saying everything is great, asking for more money and then less than a month later putting company into administration?

2) Went to the public to ask for money with a very misleading premise and state of affairs?

3) Engage in nepotism, irresponsible spending (2 custom bikes as presents for him and his wife at cost of £10k+) and drawing down £36,000 in directors fees in the 4 month prior to administration?

Hey, I respect all opinions but a lot of people wouldn't!

I'm a little late to the party so forgive my confusion/bewilderment.

In the FY that Nick borrowed £1.2m and generated sales of £800k the business lost £800k? 

How did that happen? who was in control, it's epic incompetence and the very best. Won't say what I actually think...

Anyone seen the full accounts? 

Tony Farrelly wrote:

gbzpto wrote:

@Fixie girl "A company disproportionally feted by the cycling press" this is what I always felt as well never could understand why. Road.cc were certainly taken in - and sounds like at least one of the staff had shares in the company. Probably makes sense now.

It doesn't "sound like at least one of the staff had shares in the company" one of 'em did buy shares in the Crowd Cube offering, on the same basis as Kadinkski. I did mention that some way back.

Some of you seem to be labouring under the misapprehension that road.cc is some sort of business news website doling out investment advice on cycling companies. We're not.

Buying advice road.cc is qualified to give:

Buying a Vulpine jacket? - Yes

Buying Vulpine? - No

Our interest in Vulpine pretty much begins and ends with their products - which by and large were very good. When they were raising money on Crowd Cube we reported it - it was interesting, ditto Le Col - ditto Huez. I'd have to say that if you were making investment decisions on the basis of our news stories about Vulpine… well. 

Come on Tony, this is still a cycling story. There's loads to go on:

Was Sir Chris Hoy an investor and what does he make of all this?

Why the Hoy/Vulpine partnership end? I was unaware that it had and now realise that the Vulpine cycle kit I have (bought in sales obvs) is actually all Hoy/Vulpine.  

Were August Cycles ever paid for the 2 £10K vanity bikes? No sign of them on the A.C. website.

Where's the money?

Well said

And what happened to the directors. ?.

zero_trooper wrote:

Tony Farrelly wrote:

gbzpto wrote:

@Fixie girl "A company disproportionally feted by the cycling press" this is what I always felt as well never could understand why. Road.cc were certainly taken in - and sounds like at least one of the staff had shares in the company. Probably makes sense now.

It doesn't "sound like at least one of the staff had shares in the company" one of 'em did buy shares in the Crowd Cube offering, on the same basis as Kadinkski. I did mention that some way back.

Some of you seem to be labouring under the misapprehension that road.cc is some sort of business news website doling out investment advice on cycling companies. We're not.

Buying advice road.cc is qualified to give:

Buying a Vulpine jacket? - Yes

Buying Vulpine? - No

Our interest in Vulpine pretty much begins and ends with their products - which by and large were very good. When they were raising money on Crowd Cube we reported it - it was interesting, ditto Le Col - ditto Huez. I'd have to say that if you were making investment decisions on the basis of our news stories about Vulpine… well. 

Come on Tony, this is still a cycling story. There's loads to go on:

Was Sir Chris Hoy an investor and what does he make of all this?

Why the Hoy/Vulpine partnership end? I was unaware that it had and now realise that the Vulpine cycle kit I have (bought in sales obvs) is actually all Hoy/Vulpine.  

Were August Cycles ever paid for the 2 £10K vanity bikes? No sign of them on the A.C. website.

Where's the money?

zero_trooper wrote:

Tony Farrelly wrote:

gbzpto wrote:

@Fixie girl "A company disproportionally feted by the cycling press" this is what I always felt as well never could understand why. Road.cc were certainly taken in - and sounds like at least one of the staff had shares in the company. Probably makes sense now.

It doesn't "sound like at least one of the staff had shares in the company" one of 'em did buy shares in the Crowd Cube offering, on the same basis as Kadinkski. I did mention that some way back.

Some of you seem to be labouring under the misapprehension that road.cc is some sort of business news website doling out investment advice on cycling companies. We're not.

Buying advice road.cc is qualified to give:

Buying a Vulpine jacket? - Yes

Buying Vulpine? - No

Our interest in Vulpine pretty much begins and ends with their products - which by and large were very good. When they were raising money on Crowd Cube we reported it - it was interesting, ditto Le Col - ditto Huez. I'd have to say that if you were making investment decisions on the basis of our news stories about Vulpine… well. 

Come on Tony, this is still a cycling story. There's loads to go on:

Was Sir Chris Hoy an investor and what does he make of all this?

Why the Hoy/Vulpine partnership end? I was unaware that it had and now realise that the Vulpine cycle kit I have (bought in sales obvs) is actually all Hoy/Vulpine.  

Were August Cycles ever paid for the 2 £10K vanity bikes? No sign of them on the A.C. website.

Where's the money?

I re-read Road.cc's previous coverage on Vulpine's fundraising...it would be wrong to say Road.cc did anything wrong, made any recommendation or wrote anything they can't back-up.  However, if in this story Nick Hussey is Donald Trump...then Road.cc is Sean Spicer!  The pieces had no objectivity, low on sound bites and full of propaganda!

Fixie Girl wrote:

Not the Sunday Times Front Page Nick would have hoped for... https://www.thetimes.co.uk/article/crowd-investors-hurt-as-cycling-firm-... Shame he was not able to comment ...

....... nor Sir Chris.......

unconstituted wrote:

Guys, road.cc is an advertising clickbait site for cycling products. 

You won't find any reporters, investigative journalists or pullitzer prize winners here. They put out 'reviews' and rider v motorist culture war youtube videos. That's it. Regurgitate some guide every season.

It has a comments section so some of us can make the day go in a bit faster by calling each other names over petty issues. 

It is what it is. No point asking where the proper journalism is on such and such 

That is a dis-respectful and wholly personal opinion, it smacks of entitlement and a lack of manners to me.

peted76 wrote:

unconstituted wrote:

Guys, road.cc is an advertising clickbait site for cycling products. 

You won't find any reporters, investigative journalists or pullitzer prize winners here. They put out 'reviews' and rider v motorist culture war youtube videos. That's it. Regurgitate some guide every season.

It has a comments section so some of us can make the day go in a bit faster by calling each other names over petty issues. 

It is what it is. No point asking where the proper journalism is on such and such 

That is a dis-respectful and wholly personal opinion, it smacks of entitlement and a lack of manners to me.

Sorry I hurt your feelings pete. Clearly you have an attachment to this place.

Yorkshire wallet wrote:

If Road.cc was a film, it would be 'faces of death' or 'mondo cane'

Superb references!

I think Unconstituted has got the nail on the head with his earlier post.

"Were August Cycles ever paid for the 2 £10K vanity bikes? No sign of them on the A.C. website."

Hello @zero_trooper! We (August Bicycles) we were paid, as we are a small set-up and simply couldn't afford to take a chance on someone's word when we hadn't worked with them before. A real relief to us now, but sad times. They didn't cost even nearly as much as that to the Vulpine guys and the sale prices were heavily inflated, not by us, but for effect, we assume. We were told that they've been seized as company assets now, but have just been informed that is also a fib. Such a sad saga.

Paul J wrote:

Anyone else hitting refresh every other hour or so, waiting for Monday in the USA and for Fixie Girl to get online?

One of two things are going to happen next - she's either genuinely going to make a big reveal, or come up with nothing and make herself look a little foolish. It's 'put up or shut up' time.

Not good to read August Cycles comment that, even now, the stories coming out of Vulpine appear less than honest.

simonmb wrote:

Paul J wrote:

Anyone else hitting refresh every other hour or so, waiting for Monday in the USA and for Fixie Girl to get online?

One of two things are going to happen next - she's either genuinely going to make a big reveal, or come up with nothing and make herself look a little foolish. It's 'put up or shut up' time.

Not good to read August Cycles comment that, even now, the stories coming out of Vulpine appear less than honest.

Simon et al 

There is no smoking gun on the grassy knoll but a catalog of avoidable and repeated mistakes. What were you expecting btw?

Some of what I was going say did get picked up by the Sunday Times and CityAM over the weekend.  It did pull a few punches IMHO but did give you a sense of the personalities at work while staying teh right side of potential libel.

I have much more detail around why I/we walked away from a deal back in 2015 and why I made the same decision more recently. I will post once we know what is happening re the Administrator. The deadline for a buyer was today and AFAIK one hasnt been found. I hope there is a statement from the by the time I get to my office.