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Cycle clothing brand Vulpine is "insolvent" and enters administration

Founder Nick Hussey breaks the news "with intense sadness" in email to investors...

London-based cycle clothing brand Vulpine has entered administration. The news was confirmed in an email send this afternoon by its founder, Nick Hussey, to investors in the business.

He wrote:

It is with intense sadness that I have to inform you that Vulpine is insolvent, and I have had to take the extremely difficult but essential decision to place the company I founded into administration, under UK law, hence my unusual formality.

Two Partners from RSM Restructuring Advisory LLP will be appointed administrators next week, after a special resolution was passed yesterday by ‘A Shareholders’, who are able to vote. Once appointed the Administrators will have full control of the company and I will no longer be able to make any decisions.

We have done all we can to finance the company. The late arrival of the majority of our Spring Summer 2017 stock put us in a more difficult cash position. Thus we sought to raise investment again through crowdfunding. But this did not gain the necessary momentum to complete, likely due to the very poor trading figures of the last financial year.

Thus we pulled out of the Crowdcube attempted raise and began contacting previously interested investors and potential buyers of Vulpine, plus a raft of new contacts.

Whilst there was strong recognition of the brand, and initial verbal interest, none have produced offers or ongoing due diligence, and communication has stopped. It is highly possible that, having seen our precarious financial position and the complications of doing a fast enough deal, they are waiting to pick the business up in administration instead, if any deal is to be done.

Vulpine’s brand and business structure remains relatively undamaged at this point, and any acquisition via administration would see the highest potential value to all stakeholders if conducted as quickly as possible.

The proposed Administrators plan is to try to sell the company’s assets, such as brand, goodwill, database & website to maximize realisations for the benefit of creditors and potentially shareholders.

You can contact Robert Young at RSM for advice on this process, or if you believe there may be an interested buyer: robert.young [at] rsmuk.comI cannot offer financial advice, and I encourage you to seek your own, but if you qualify for EIS status, you should be able to claim significant Loss Relief on top of your Tax Relief.I wish you all the very best.

Ride well.

More to follow.

 

Simon joined road.cc as news editor in 2009 and is now the site’s community editor, acting as a link between the team producing the content and our readers. A law and languages graduate, published translator and former retail analyst, he has reported on issues as diverse as cycling-related court cases, anti-doping investigations, the latest developments in the bike industry and the sport’s biggest races. Now back in London full-time after 15 years living in Oxford and Cambridge, he loves cycling along the Thames but misses having his former riding buddy, Elodie the miniature schnauzer, in the basket in front of him.

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253 comments

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Shades | 7 years ago
0 likes

Shame, liked a lot of their products and my Hoy winter (long) tights are great.  I do try and do the 'bike to office' clothes approach but, to be honest, I don't see many others doing it so the market is pretty small.

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dottigirl | 7 years ago
3 likes

Sadly said before but:

I ordered a load of stuff in their last sale - was very keen on getting a nice smart jacket, and loved the look of the merino jerseys. Also ordered some capri trousers and shorts.

The capris and shorts are a perfect fit, and great for cycling to the pub and still looking great. I was wearing the padded merino boy shorts under my jeans while out on the piss last night. I'm after the trousers too. 

However, nothing for my upper body fitted - there was no room for boobage at all. Female friends reported the same. It's sad, as the jacket and jerseys were lovely. This appears to have been the case for years and years - I tried on a friend's jacket about five years ago when I was so skinny, I was flat chested, and it still had no boob room. Other female friends had the same experience.

If they had sorted out the boob issue years ago, perhaps it would have made a difference? 

They were great about the returns though.

 

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Luv2ride | 7 years ago
2 likes

Yes, certainly a shame when companies like this go under.  I had a few items (merino hoodie, primaloft gilet, winter cap (matches the gilet) and softshell gloves).  All are great quality, all were too expensive at RRP so all were bought in theIreland numerous sales at massive discounts.  I do like the fact that all the items are truly dual purpose  (i. e. Work very well on and off the bike).  Have been eyeing up a Deluge waterproof jacket in Dutch orange for ages,  again due to looking good for multi-use, so may now end getting one in a future fire sale.  It will be a real shame if their designs totally disappear as for the most part they worked well....very sad.

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Helidoc | 7 years ago
1 like

I'm very sorry to hear this.  An interesting company, which Nick has put his heart and soul into.  I have some of their merino stuff and a couple of jackets, their stuff is good and customer service excellent.

 

In the end I'm a Roady, so I don't really need urban cycling stuff, which is maybe a niche to far.  Their is plenty of disposable income for Roady gear, and maybe Hoy-Vulpne wasn't compelling enough against the likes of Castelli.

 

Still a great shame, and I wish them all the very best

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brooksby | 7 years ago
2 likes

I've only bought one Vulpine item (a cap) cos most of it is too expensive for my pay packet, but I had to arrange to replace it for a different size (my mistake, not theirs). Their customer service was absolutely great and totally beyond reproach. I guess great customer service just doesn't pay the bills...

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racingcondor | 7 years ago
3 likes

Shame. Decent guys and doing something genuinely different (and really good quality).

Guess being the interesting outsider is always a risk though.

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rxpell | 7 years ago
2 likes

Think it's a real shame they've gone under - and from the info in the article - looks like the vultures are circling.  I have lots of their kit - been buying it since the start (near enough) - and I really love it ... although I always bought it in their sales as the standard pricing was high.  I remember when I got my first jacket and showed it to "the purchasing committe chairwoman" she approved and said "it doesnt look like a cycling jacket, it looks really good". I liked Vulpine's overall commitment to cycling which I do think was genuine. The designs vary, some are really excellent IMHO ( I'm not in Shoreditch - but in the North of Scotland and my commute is a 46 mile round trip on A roads - and for rain, the Vulpine jacket is my jacket of choice). Had some minor quality issues and had one pocket stitching come loose and a hole come through on an Alpine Jersey ( and I got the "overloaded pockets" line - and no it was never overloaded ).  Also had dissapointing buying experience when I bought a cycling jacket online for my wife (who was delighted) ... then a couple of days later I got told they didn't have it and that was that (so why take the order ?) so the Mrs wasn't well pleased  2   I did check out the crowdfunding thing last year but didn't like the content of the prospectus as it seemed to focus on an exit strategy of selling the brand to Adidas or someone like that and going just for high end market.  Was surprised to get that "Vulpine advert mag" a few weeks back - although it was nice enough I really thought what a waste of money this is ... this is a tiny marketplace ... I also thought it strange that it tried to push their own high-end custom-ish bikes.  Anyway, real shame in my opinion. I wish Nick and all at Vulpine the very best for the future.  

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Colin Peyresourde | 7 years ago
6 likes

I know Nick was a regular reader of Road.cc so I wish him the best of luck with whatever he chooses to do in the future.

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Dr. Ko | 7 years ago
0 likes

Guess they just didn't turn over goods fast enough, so they had this sale with about 2/3 off. Made me wondering who would buy at full price. Value was ok while on sale otherwise - 105 quid for a jersey with nothing special - apart from the Hoy name?

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cyclisto | 7 years ago
4 likes

I feel sorry that a company with commuter oriented cyclewear has shut down. But even more sorry that there aren't many if any commuter cyclewear companies with reasonably priced products. Yes the lycra lovers have sports direct, aldi etc but if you want a low cost waterproof breathable jacket that will not reveal your taste in boxers and not look like a MAMiL, you are out of options.

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Awavey | 7 years ago
1 like

yep agreed it will be a shame if they go completely,as theyve always displayed a passion and willingness to support cycling and especially promote womens cycling equally, I certainly never had any issues with the quality of the kit I bought, though Id freely hold my hand up and admit Ive not bought anything of theirs for a few years now, partly due to the cost & partly theres been nothing in their range thats really grabbed me design wise.

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Polite | 7 years ago
5 likes

I'm not from Shoreditch but I do have a beard and I cycle. A lot. I paid £50 for one of their merino t-shirts about 4 years ago. I have never had it off my back, including cycle touring in France and Spain, and it is still in as good condition as when I bought it. They even darned it free of charge. I have another coupe of items, too, and the quality is outstanding. £50 is exensive for a t-shirt but it's all relative, I'd rather pay for a quality item, that lasts, than keep buy cheap crap, that doesn't.

I can't belive that I am genuinely shocked about this, I follow Vulpine and Nick Hussey on Twitter and he/they are a refreshing change and something a bit different. A shame.

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keirik replied to Polite | 7 years ago
7 likes
Polite wrote:

still in as good condition as when I bought it.

They even darned it free of charge.

I don't think those two sentences can possibly go together

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Polite replied to keirik | 7 years ago
3 likes

keirik wrote:
Polite wrote:

still in as good condition as when I bought it. They even darned it free of charge.

I don't think those two sentences can possibly go together

A tiny hole in it caused by getting it caught on something, it's made of merino wool not metal. It has nothing to do with the quality of the t-shirt.

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peted76 replied to Polite | 6 years ago
4 likes

Polite wrote:

I'm not from Shoreditch but I do have a beard and I cycle. A lot. I paid £50 for one of their merino t-shirts about 4 years ago. I have never had it off my back, including cycle touring in France and Spain.

You're not a hipster, you're a dirty hippy! Buy another you tightwad!  3

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riotgibbon | 7 years ago
1 like

What a pity, let's hope they sort it out. All the stuff I've had from them has been top notch, I always wear it when I'm out around town on my Guvnor. Tough business, they've produced some really good clothing,, let's hope they get the help they need with the business side. Reading some of the pieces recently about Rapha, they've had some tight squeezes too, every business does. The difference between success and failure​ can just be a tiny amount of luck, good or bad, at just the right/wrong time

 

Good luck Vulpiners, you deserve it

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gonedownhill | 7 years ago
2 likes

Bought one of their buff/ snood type things which is class and about the same price as a genuine buff. Might buy another if they are going cheap

As for the rest of the gear I have a beer gut that rules me out of most top end cycling gear fitting and I am a tight bastard, but it looked nice in the photos.

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ped | 7 years ago
7 likes

Sad. I feel for Nick and his team. No matter what you think about the kit itself they've been putting their heart and soul into the brand since its inception.

 

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herlihy | 7 years ago
2 likes

Very sad to hear this. Nick Hussey put heart and soul into this . Having said that, the quality of their stuff was very hit and miss, and after buying some of their stuff on their inception I stopped buying given the quality issues. 

 

 

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amazon22 | 7 years ago
1 like

Their website is still up and running - £50 for a tee shirt? Crazy.

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Yorkshire wallet | 7 years ago
0 likes

The cycling in brogues market is only so big.

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fenix | 7 years ago
0 likes

Only bought one Jersey off them but it was pants. Too thin for purpose and too skinny of sleeve. Wouldn't have bought again. Always a shame to see a business fail though.

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drosco | 7 years ago
0 likes

Agree with Leviathan, too many boutique brands.

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SingleSpeed replied to drosco | 7 years ago
3 likes

drosco wrote:

Agree with Leviathan, too many boutique brands.

 

Just to correct there. There are a select few successful boutique brands out there and myriad other average brands selling their products at inflated prices that will subsequently fail and go into administration.

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Leviathan | 7 years ago
12 likes

A few too many companies over-estimating the 'high end' cycling market.

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bobinski | 7 years ago
1 like

This is sad but not unexpected. I was caught out in 2 sales shambles the second of which left me very angry. I have. A jacket and shorts from them . But I would t buy any more from them, not just because of the sales shambles but because they were constantly having sales suggesting they didn't believe in the value of what they sold. I am sure they did and I hope they can rise from the ashes in some way but whatever they become will have to invest in after sales  before I could be confident enough to buy from them in future.

That aside I do wonder if this will be the first of many cycling related business collapses. I get the impression the boutique cycling market is contracting. Loads of commuters in London but not many spending  on Vulpine etc or perhaps too many suppliers?

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Rich_cb | 7 years ago
3 likes

This is a massive shame.

I own a few of their products, the 'epic cotton' rain trousers are genuinely one of my best ever purchases. I've used them constantly and they still work well and look good.

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arfa | 7 years ago
2 likes

Really sorry to hear of this outcome. This is a small company that backed what they believed in and produced some great gear. I suspect they were just a few years too soon as mass market non vehicular cycling is (hopefully) not too far away and their kit is ideal for this.
Pricing was perhaps an issue as sales/discounts were regular and perhaps full price was too much

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honesty | 7 years ago
4 likes

Love vulpine stuff, and I found their customer service was utterly amazing. I can unfortunately understand how this has happened though as I have never bought something at full price, usually getting huge discounts in clearance sales or special offers. My wife is a non cyclist, but she loves her vulpine stuff as well. Pity. 

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BC1973 | 7 years ago
3 likes

I'm genuinely gutted by this. Vulpine became one of my favourite labels over the last few years. Not just on the bike but off it too. Their attention to design and the ideals they stuck too chimed with my own. I know they had their critics and things didn't always go smoothly but seeing a small business that wanted to achieve something big go under makes me very sad. I hope it's not the last we see of this talented team.

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