Buyer found for Hein Gericke UK
A buyer has been found for motorcycle clothing and accessory retailer Hein Gericke UK, which has five stores across the South West, the administrators have revealed.
Before falling into administration last month (July) the £18m-turnover company, headquartered in Harrogate in Yorkshire, operated 49 shops across the UK in addition to a catalogue and an online shopping service.
Appointed administrator, Moorfields Corporate Recovery, has confirmed an offer has been accepted from an unnamed party which will enable the Hein Gericke brand to continue its presence in UK towns and cities.
The sale of the business is expected to complete in early September.
Hein Gericke has stores in Bournemouth, Bristol, Cheltenham, Plymouth and Taunton in the South West.
Simon Thomas, joint administrator at Moorfields Corporate Recovery, said: “It is great to see that such a well-known brand and high street presence as Hein Gericke has been rescued. It is apparent that the name is held in high esteem and is a byword for quality in the industry.
“The buyer sees the potential for the business to overcome the recent economic pressures which have impacted over the past few years.”
Accounts filed at Companies House reveal falling sales at the business over the past four years from £24.6m in the year to 30 September 2008 down to £18.5m in 2011. Hein Gericke UK also posted a pre-tax loss in each of these years.
The UK business is separate from the parent company, which operates shops across Europe, trading within the UK under a license agreement with the German based parent company.
Hein Gericke was a German biker who opened a motorcycle shop in Germany in the 1970s. Within a few years the business developed to become the largest motorcycle dealership in Germany. The next decade saw the business expand to include clothing and accessories for bikers. The company had an international presence by 1987 at the point Hein Gericke sold his business.
The Hein Gericke brand is now sold through a retail shop presence across Germany, Austria, Belgium, Netherlands, Italy, Luxemburg and the UK.