If you’ve kept your eyes on the cycling-related news this week, you’ll surely have caught wind that Alpkit has entered administration. The brand is best known for its climbing and adventure equipment, as well as its bike brand, Sonder, offering top-notch kit for reasonable prices. However, there’s hope for Alpkit yet, as it has received fresh investment and has rolled out a financial restructure.
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As we all know, the current economic climate hasn’t been kind to brands of all types, and Alpkit says that it’s felt those struggles firsthand. According to the company’s statement, it experiences a “triple thread of macro-economic pressures,” those being rapid cost inflation, the current retail environment, and new trade barriers, while fulfilling post-pandemic recovery loans.
Apparently, Alpkit’s move into administration has been on the cards for a little while now, and its quick dip allowed the company to be bought by its new investor.
Great news for the brand is that the new investment means that not all that much is going to change. It’ll still offer affordable outdoor equipment and all staff will be kept on the payroll. However, things have changed a little for Alpkit’s shareholders, as their shares will have lost some value. Now, existing shareholders will be offered a stake in the new post-administration company.
David Hanney, Alpkit’s CEO says: “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. We are keeping our team together and our purpose unchanged: to help people Go Nice Places, Do Good Things.”
Jeroen van den Berge, the new investment partner and Non-Exec Chair, said, “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 complementary brands, similar to what was achieved with Trakke. I look forward to supporting David and the team during the next phase of their exciting journey.”
