• Tuesday, August 20, 2024 at 2:20 PM
Update The takeover of cycling clothing brand AGU by another party has collapsed at the last minute. Several employees of the Alkmaar-based company, which sells cycling clothing, have said this. CyclingFlash declared. The staff was informed yesterday.
It has been known for some time that the Alkmaar Wholesale Union (AGU) is in serious financial trouble. In December 2023, the company initiated a WHOA procedure.
AGU, like many other companies in the bicycle industry, is suffering from high inventories. Furthermore, the company has placed high bets on a deal with WorldTeam Visma | Lease a Bike. In 2022, it also lost the tenders of the Dynamo Retail Group, which is a serious blow.
Nieuwsfiets.nu reported earlier this year that the Chamber of Commerce figures show that AGU Holding got into trouble in 2022. In 2021 they recorded a group result of more than € 1.12 million, a year later they wrote red figures: € – 1,785,368. The figures for 2023 have not yet been filed in the Chamber of Commerce Trade Register. This situation has resulted in a significant debt burden, which AGU can hardly bear.
This summer, AGU continued its collaboration with Visma | Lease a Bike and the KNWU towards the Olympic Games in Paris.
AGU still supplies Visma clothing | Lease a Bike. Photo: Cor Vos
The staff members who CyclingFlash have informed indicate that the future of AGU is highly uncertain due to the failure of the takeover. Several employees have immediately updated their profiles on LinkedIn adjusted and indicated that they are looking for a new job.
Update August 20, 2:00 PM
Cycling clothing brand AGU has provided an explanation in a press release regarding the dire financial situation. “In recent months, AGU has focused fully on restoring healthy business operations. Thanks to the support and cooperation of all parties involved, the company has managed to turn the result around positively in the past period. AGU has successfully completed a WHOA procedure from December 2023, subject to financing.”
“Unfortunately, it became apparent last week that the financing conditions could not be met. As a result, AGU was forced to apply for a moratorium on payments. In close consultation with the administrators, we are currently investigating whether the WHOA agreement can still be realised.”
“AGU is an iconic name in the bicycle industry, the company has a rich history and strong brand value. AGU hopes to find a new owner/financier in the short term who can guarantee the continuation of this heritage. The business activities will continue until further notice.”
