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[Uploaded to BikeBiz.co.uk on 3rd October]
That makes two government ministers now looking into Derbys decision to offload Sturmey Archer on to a buyer with no traceable assets.
David Blunkett MP has also offered to provide practical and financial help in any attempt to rescue Sturmey Archer. However, this was relying on Sturmy Archer being liquidated. This should have happened yesterday, but didnt. As professional gambler Barry Robinson has now taken control of the Sturmey Archer board and is pressing for administration rather than liquidation, the future for the world-famous Nottingham company is still undecided.
Robinson says he wants to see if he can rescue the company but admitted at yesterdays meeting he is not considering pumping in any new funds. Until the adminstration order request is stamped down, no other rescue attempts can be made, a turn of events that left Sturmey Archer employees present at the creditors meeting angry and confused.
Thanks to the interventions of Alan Simpson MP, David Blunkett has promised to refund any penalties the University of Nottingham may have to pay their building contractors should the constuction on Sturmey Archers former factory site be delayed.
The site was sold by Derby to the University of Nottingham for the National College for School Leadership. Derby pocketed £4m in the deal (plus £10m for the Raleigh site). Sturmey Archer didnt get a penny of their £4m.
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According to Simpson who was given the passwords for this site by Sturmey Archer and who has been following the evolving developments with a growing sense of disbelief and anger the East Midlands Development Authority may also be able to help Sturmey Archers rescuer, should one come forward. EMDA could buy the new site at Calverton and rent it back to the firm, reducing the short-term moving-in costs and making Sturmey Archer a far more attractive purchase.
However, crucial orders are likely to melt away and essential workers may soon find new jobs if a rescue bid is not carried out in the next five days.
