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The administrators of 2Pure have issued an update following the distributor’s administration earlier this month.
A spokesperson for FRP Advisory said in a short statement: “Michelle Elliot and Stuart Robb were appointed joint administrators of 2 Pure Limited on Thursday, May 18, 2023.
“The joint administrators are currently reviewing the business and its assets with a view to maximising the value of asset realisations.
“Interested parties are asked to contact the Glasgow office of FRP Advisory as soon as possible.”
The administration followed the news that managing director George Bowie had left his position earlier this month.
2Pure, based in Livingston, Scotland, had been a distributor supplying a number of brands in the cycle, run, and outdoor sectors, with a focus on cycle brands.
The company recently added MilKit tubeless systems and accessories to its portfolio in November last year, and announced the addition of Kingud cleaning products shortly before that.
2Pure was founded in 2006 by George and Alison Bowie.
FRP Advisory was recently appointed to handle fellow distributor Moore Large’s administration, which was announced in March.
The Moore Large portfolio consisted of recognisable brands including Tern e-bikes, Tru Tension maintenance and cleaning products, and its house-owned bike brand Forme.
Since the Derby-based distributor confirmed its administration, stock of those brands has been auctioned off at an estimated value of more than £30 million.
The stock includes an estimated 35,000 bikes, totalling around £25 million with an additional £10 million in accessories and parts.
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John Pye & Sons, the auction house chosen to handle the sales, has locations in Nottingham, Chesterfield, Port Talbot and Derby.
Charles Loake, joint head of John Pye business and property, said: “We have the systems and knowledge in place to ensure we can sell the Moore Large & Co. stock with the highest level of efficiency and return for its creditors.
“Our UK-wide footprint of close to one million sq ft of sale space and a nationwide workforce of over 700 staff ensures we can handle the largest of insolvency cases.”
