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Sorry. This is disjointed and is really a bunch of research notes rather than an investigative article but Im sure lots of people will want to keep up to speed on the story as it unfolds.
Sturmey Archer was sold on 1st July to Lenark Ltd. of Heathfield in East Sussex for £30. Yes, just £30. Derby sold to Lenark the moving expenses and a few redundancy packages. This totalled £2.75m.
Lenark Ltd. used to be inter-connected with Inner Flap plc, Print Origination Services and Curvegold Ltd., all of which are now in receivership.
Lenark director Barry Robinson address 5191 Sunnyward Drive, Las Vegas was also director of the above companies.
Sturmey Archer is not in receivership. It has until October 2nd to find a buyer. The company may be split into its component parts for sale.
The receiver (who is assisting the directors of Sturmey Archer) but not yet acting as receiver is Tony Murphy of Smith and Williamson of London (020 76375377). He also happens to be the receiver appointed to the collapse of Curvegold and Inner Flap plc.
On Monday 11th Sept Sturmey MD Colin Bateman presented Clyde Walton of Lenark some bills referring to the impending and necessary move of Sturmey Archer following the earlier sale of the Sturmeys Triumph Road site to Nottingham City Council and the University of Nottingham. Walton refused to sign off the bills, making Sturmey Archer technically insolvent.
Sturmeys workforce of 300 were told about the insolvency at midday last Friday. 28 volunteers are currently shipping out existing orders on the cycle and automotive fronts.
