Planet X Survives

[CassidyAce]

I guess the thread about Planet X going into administration on the MTB forum was one of the ones that got deleted the other day. Anyway, apparently it has new owners and will survive.

"Future of Planet X secured" as cycling retailer sold following fears for its future

The jobs of all 33 employees at the Rotherham-based retailer have been secured following its sale according to Planet X

road.cc

 

[Guinessisgoodforyou]

Great news.

 

[novocaine]

That's great.

 

[moonlite]

Hhmmm . . . Baaj Capital is a private equity firm that specialises in distressed assets. Let's see if they plan to turn the company round and steer it into profitability.

Baaj Capital – Baaj Capital

baajcapital.co.uk

 

[tintin40]

Hhmmm . . . Baaj Capital is a private equity firm that specialises in distressed assets. Let's see if they plan to turn the company round and steer it into profitability.

Baaj Capital – Baaj Capital

baajcapital.co.uk

good news but worrying

 

[greencat]

And bought by a wholesale garment company incorporated in 2019. I'm not sure they are out of the woods just yet.

 

[moonlite]

Hopefully it's a good sign that they're keeping all the staff on -- aren't people the biggest cost to a business? So presumably they're not looking to slash costs.

 

[novocaine]

Looking at their portfolio it's smaller assets woth low cost purchase items sold in to a mid cost market. Nothing cycle related, which would suggest they see a market to sell into and pull profit off the top rather than asset strip.

 

[novocaine]

Hopefully it's a good sign that they're keeping all the staff on -- aren't people the biggest cost to a business? So presumably they're not looking to slash costs.

No, biggest cost to a business is stock sat doing nothing.

 

[old_coyote_pedaller]

I just got a letter today from a company called Interpath Advisory (Glasgow).
It is addressed to me as "To all known creditors and members". Weird.

The info being that Planet X Ltd is in administration and contains details of the administrators and the court case.

Can't believe they are sending this info to all customers and people registered on their website. I haven't bought anything off them for a long time.

Am I missing something obvious? Is it a scam, as I can't see how they would do that?