Mango Bikes has ceased trading and is looking for a buyer. Co-founder Ben Harrison told BikeBiz that the weak pound was to blame.
Mango was formed by Harrison and Jezz Skelton in 2012 while they were in university, the pair having seen an opportunity to deal with manufacturers and customers without distributors and retailers.
However, with the business relying so heavily on imports, it has struggled to deal with the falling pound in the wake of the referendum.
Last month the Gloucestershire-based firm was sold back to Harrison for a pound after racking up £250,000 in debt. At that time it was also announced that it would relocate to Newcastle.
Harrison had reportedly hedged some currency to withstand a short-term hit to the pound but hasn’t been able to hold out against its long-term decline.
Administrators RSM are now seeking a buyer.
In May, we reported that Vulpine was rescued from administration by Mango. The firm’s directors created WilChap 564 Ltd for the acquisition from which Harrison has since resigned. Vulpine now has a new design team and has relocated to Sheffield.