The full story of Sturmey's demise
22nd Aug: 20th August 2001: Derby files for bankruptcy in order to be sold to the Finden-Crofts/Perseus MBO
In effect, Cycle Bid Co. – a new company set up to own what was once the Derby Cycle Corporation – becomes the ‘stalking horse’ to flush out any other bidders for the owner of Raleigh and ex-owner of Sturmey Archer
5th Jan: 5th Jan 2001: Derby's CEO is ousted
Gary Matthews, the CEO of Derby Corporation, is reported to have been "sacked", although when an official confirmation is received no doubt a more CV-friendly phrase will be used. What is definite is that the US office of the Derby Cycle Corporation - the owner of Raleigh and the corporation which sold Sturmey Archer to an "investment house" for thirty quid - is to close, with 30 or so corporate redundancies. Derby relocates to Guernsey, the home of Alan Finden-Crofts, former co-owner of Derby
4th Dec: Sun Race buys Sturmey Archer
(4th December 2000) The money to secure the deal was wired through last week. The Taiwanese manufacturer now adds internal hub gears to its current line up of mechs and other components
1st Nov: Sturmey will be shipped abroad
The liquidators have told BikeBiz that a worldwide bike trade company is close to signing a deal to buy the intellectual property rights of Sturmey Archer. Some of the machinery may be shipped out too
1st Nov: Brooks will be bought soon
Two very interested parties are currently scrabbling to be the new owners of Brooks and a deal should be reached this week
1st Nov: SRAM wants Sturmey staff
Fellow European internal hub gear maker SRAM is looking to appoint former Sturmey designers
1st Nov: Sturmey sale was exceptional transaction for Derby
The Beatles will never make it as a band. Thats the kind of prognostication that can haunt you for the rest of your life. Has Gary Matthews, CEO of Derby, ever written any choice quotes that he may now regret committing to record?
1st Nov: Sturmey Archer name up for grabs as mystery bidder pulls out
The joint liquidating team of KPMG and Smith & Williamson have today taken an ad in the Financial Times seeking to sell the Sturmey Archer brand name. There is now no hope a buyer for the business will be found
1st Nov: Sturmey factory still standing
Contrary to rumour (er, spreading like wildfire around the trade!) the Triumph Road factory of liquidated Sturmey Archer has not been razed to the ground
1st Nov: Lenark looks flakier by the day
But its not as though the warning signs werent there for the Derby Cycle Corporation. Any sensible person who spent ten minutes researching the public-domain finances of Lenark Ltd. would have realised this wasnt your normal investment house
1st Nov: Shimano wont buy Sturmey
Effjay, an anonymous poster to our bulletin board, has put forward three companies he thinks might be interested in buying Sturmey Archer. Joy and Falcon of Taiwan, and Shimano of Japan. It might be one of the former, but it sure aint the latter...
1st Nov: Derby/Lenark deal to be investigated by DTI
Thanks to lobbying by Nottingham MP Alan Simpson who is expected to speak his mind in the libel-free House of Commons when it reconvenes next week the Trade Secretary has formally requested the DTI to launch an investigation into the sale of Sturmey Archer
1st Nov: Sturmeys last director speaks out
Barry Robinson last week failed in his attempt to rescue Sturmey Archer by placing it into administration rather than liquidation. At yesterdays creditors meeting he said the collapse of Sturmey was a tragedy
1st Nov: Overseas buyer bids for Sturmey Archer
An undisclosed overseas buyer - not American - was today expected to make a telephone bid for Sturmey Archer
1st Nov: Why did Derby need to sell Sturmey Archer?
Sturmey Archer made a loss in 1999, the first for years. It was therefore under-performing and had to go. The fact it had an expensive move forced upon it by Derby pocketing the proceeds from the sale of its factory also meant it was now a company with debts
1st Nov: Mail on Sunday raises spectre of threat to Raleigh
For the third week in a row Britains second biggest selling Sunday newspaper has devoted a full page to the Sturmey Archer collapse
1st Nov: Derby may buy 3-gear division
So, the rumour is confirmed, Gary Matthews, CEO of the Derby Cycle Corporation says hes keen to buy back parts of Sturmey Archer. Er, with or without the debts?
1st Nov: Why did Derby sell Sturmey Europa BV?
Derby was at Mondays creditors meeting because it is owed a bundle by Sturmey Archer Ltd. Why? Read on
1st Nov: Sturmey Archer will be liquidated
After twice visiting the Sturmey factory and for the first time being put fully in the picture, Barry Robinson has decided theres no way a rescue did can be conducted using Sturmey equipment as collateral so administration is no longer an option
1st Nov: Who did Derbys due diligence?
At Mondays creditors' meeting of Sturmey Archer I asked Derby execs whether their solicitors Wragge & Co had found anything wrong with Lenark Ltd. I thought it was Wragge & Co which had done the due diligence...
1st Nov: COMMENT: Has Derby done anything wrong?
Ethics? Isnt that a county in the south of England?
1st Nov: High drama at Sturmey Archer creditors' meeting
As revealed yesterday, Lenark execs want Sturmey to go into administration rather than liquidation. This, they say, is to give them further time to maybe launch a rescue mission. Experts, however, poured cold water on this suggestion, claiming it was merely a stalling tactic to fend off a full DTI investigation. Heres the full run-down on what happened at yesterdays creditors' meeting
1st Nov: Two sides to every story
Barry Robinson has a very different take on the Sturmey Archer affair than most people...
1st Nov: Blunkett wades in to help Sturmey Archer
Thanks to lobbying by Nottingham South MP Alan Simpson who was at yesterdays creditors meeting, championing Sturmey Archer the Education and Employment Secretary David Blunkett has voiced his concerns about the Lenark/Derby deal
1st Nov: Sturmey Archer directors sacked, Lenark seek administration
At noon today, 80 people gathered at the Birmingham offices of insolvency practitioners Smith & Williamson to witness the expected liquidation of Sturmey Archer. Instead, they were treated to an emotionally charged creditors meeting that had surprises at every turn.
1st Nov: 'Mail on Sunday' piles the pressure on Derby
The award-winning 'Financial Mail', the meaty supplement to the 'Mail on Sunday', yesterday continued its picking over of the Sturmey-Archer/Lenark deal
1st Nov: DTI may probe Derbys due diligence claims
The Derby Cycle Corporations deal with Lenark Ltd is to be investigated by the government. Trade secretary Stephen Byers said he would take a personal interest in the collapse of Sturmey Archer.
1st Nov: Raleigh MD would welcome DTI inquiry
Philip Darnton, the MD of Raleigh, today faxed us with his take on the Sturmey Archer debacle
1st Nov: Gary Matthews replies...
I said I wouldn't be putting any fresh news up on this site until Wednesday to keep the Sturmey story at the top of the list but here's a new bit. It's an emailed reply from Gary Matthews of Derby Cycle Corporation. He says the BikeBiz coverage is a "fair recounting of the situation"...
1st Nov: Sturmey Archer: what went wrong?
REVISED: Ive been writing reports all week about the Sturmey Archer collapse. This is the latest version of events. It might be best to print out all these Sturmey articles because itll take you for ever to read them online
1st Nov: Derby on the defensive
Gary Matthews, MD of Derby, says hes distressed about the loss of jobs at Sturmey Archer but that due diligence was carried out to make sure Lenark was a suitable candidate for taking on such a famous and long-standing marque
1st Nov: Mail nails Lenark
This is a Saturday night preview of the article that appears in tomorrows Mail on Sunday
1st Nov: Read it and weep
This is a colour piece from todays Nottingham Evening Post and brings into sharp focus the human costs of being sold down the river. Youll get angrier as the piece goes on, and the last quote is a killer...
1st Nov: Front page splash in Sturmeys home town
Todays Nottingham Evening Post leads with a cover story entitled: Broken dreams. Sturmey Archer sold for under £50. This is a safe version of the business editors story on Sturmey Archer, Derby and Lenark. He has tons of much more salicious information and this will be rolled out next week
1st Nov: Sturmey Archer: offers on the table
The Sturmey Archer saga continues. These are my latest research notes. Because of the possibility of writs youll have to make your own mind up about what the facts allude to and who is to blame.
1st Nov: Insolvent Sturmey Archer closes
On Friday, as Sturmey Archer chased orders from their big stand at IFMA Köln, the 300 workers in Nottingham were summoned to a midday meeting, told the company was closing and were given ten minutes to leave
1st Nov: The death of Sturmey Archer: whos to blame?
Since the news broke on September 17th, the trade-only part of www.bikebiz.co.uk has been running an average of two stories per day about the shameful destruction of Sturmey Archer. The DTI may launch an investigation; MPs are to ask questions in the House of Commons; government ministers have expressed their concern; the Mail on Sunday has devoted full pages to the shocking story four weeks in a row. Click on through for the full, sorry saga
23rd Oct: Once again, December is sale time on Triumph Road
In mid-December theres going to be another auction of manufacturing equipmenrt at a bike-trade factory site on Triumph Road, Nottingham. At almost the same time last year it was the Raleigh plant up for grabs, this year its whats left of the Sturmey Archer machinery