British cycling event organiser Hotchillee has announced that the company has entered liquidation due to what have been described as “financial difficulties” in recent years.
In a statement posted on the company’s websiteHotchillee founder Sven Thiele confirmed liquidators had been appointed and said the combination of the Covid pandemic and Brexit had increased the brand’s difficulties.
“It is with deep sadness that Hotchillee has formally instructed Ben Stanyon and Nedim Ailyan of FRP Advisory Trading Limited to assist us in placing the Company into liquidation in the coming weeks, due to the financial difficulties experienced over recent years,” the statement read.
He continued: “Despite our best efforts, the combination of internal matters, ongoing financial challenges following COVID-19 and the Brexit referendum, without sufficient capital injection to continue trading, the Director has sought advice to deal with the affairs of the Company.
“After 20 extraordinary years, this is a devastating blow for all of us at Hotchillee, as well as our loyal community and partners.”
Among the many events it has previously organised, the company had planned to organise the upcoming London-Paris 2024 gravel race, Sri Lanka Gravel 2025 and Cape Rouleur 2025. However, Thiele’s statement confirmed that due to the company’s current situation, these events can no longer be held.
“The proposed liquidators will be in touch with creditors shortly to outline options and next steps,” he said. “We greatly value and appreciate our community and sincerely apologise for the abruptness of this announcement and any inconvenience it may cause.”
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“This is an incredibly difficult situation for everyone and we greatly appreciate your understanding and patience during this difficult time.”
Hotchillee’s website is now closed and has been superseded by Thiele’s statement.
In addition to Hotchillee, many other major cycling brands and race organisers have faced similar financial problems in recent months. Earlier this year, British race promoter SweetSpot went into liquidation.
Last year, Wiggle, the online bike retailing giant, was put up for sale after filing for administration. In March, the company was acquired by Mike Ashley’s Frasers Group for £3m plus VAT.
Weekly cycling I have reached out to Hotchillee for further comment in relation to this story.
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