Team GB bike firm liquidated

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A Langley Mill company which supplied cycle parts for Team GB athletes including Sir Bradley Wiggins and Sir Chris Hoy has gone into liquidation with the loss of nine jobs.

Acorn Precision Engineering, of Cromford Road Industrial Estate, supplied components to many high profile clients 
including the London 2012 Team GB athletes.

The firm had been operating for more than 25 years offering a range of precision engineering services, including milling and turning.

It made components used by Team GB athletes in the 2012 Olympics, when the cycling team landed a massive haul of eight gold medals, two silvers and two bronze.

Attempts to sell the firm as a going concern failed and it was forced to go into liquidation.

Its assests will now be sold off at auction.

The liquidation is being handled by insolvency practitioner Joe Sadler, a partner at Elwell Watchorn & Saxton LLP, which has offices in Nottingham.

Mr Sadler said: “It was sad that Acorn Precision 
Engineering (Nottm) Limited had no alternative but cessation of trade despite a previous interest in a going concern sale.

“The machinery was maintained in an excellent manner and alongside John Pye & Sons we are anticipating a good 
interest at the auction which should generate a reasonable return to all creditors.”

The online auction takes place from Friday, June 20, to Wednesday, June 25. There is a chance to view items for sale at the firm on June 20.

Trevor Palethorpe, head valuer at John Pye Auctions said: “When you consider that the company has managed to trade through some extremely difficult conditions from 2008 onwards and we are now at the point when we are seeing green shoots of recovery in the engineering sector, to see a well-established business fail now is really rather sad.”

“We are now focused on working hard to get a good result for the company’s creditors”