Spy UK director Matthew Bonthrone of Fulham Cycles was gutted when he discovered the company secretary had done a runner, leaving the company in a perilous financial state. Large sums of money were found to be missing.
Insolvency practioners called in to discover the whereabouts of the money and how it was squirelled away advised Matthew Bonthrone to file for liquidation.
The company secretary, Shaun Cartright, was ex-army and was formerly the operations director of Angels and Burman, costumiers to the film and theatre industries.
Two staff lost their jobs when Spy went down and five sales agents lost the agency. Spy Optics USA is to appoint new agents. Most Spy accounts many have Spy in-store display cabinets are snowsport retailers, although some are bike shops.
A creditors meeting is due to be held on 17th November at the offices of A. Segal & Co, Albert Chambers, 221/223 Chingford Mount Road, London E4 8LP.