Sportive organiser cites cycling industry’s “downfall” and sudden disappearance of loan offers as reasons for entering administration
Sportive HQ also claimed that it was asking for more riders to sign up just days before going bust in order to acquire more cash flow and stay afloat
by ADWITIYA PAL
SUN, JUN 09, 2024 15:23
British sportive and cycling event organiser Sportive HQ, which entered administration and left riders scrambling for refunds earlier this week,
has cited the “downfall” of the cycling industry since the lockdown as well
as sudden disappearances of loan offers as the reason for going bust, while also claiming that it was publicising more events hoping that more riders would enter and provide cash flow for the organisation to stay afloat.
The sportive organiser, quite popular with many cyclists in the UK, was forced to enter liquidation after suffering heavy losses through the
pandemic and running out of personal funds.
On Thursday, it announced that all future sportives and rides will be cancelled, including the Flat 100, a 100-mile sportive in South Yorkshire scheduled to take place yesterday as well as the Lands End to John O’Groats, or LEJOG, from 30th June to 13th July — the latter costing £1,795
per participant.
[Read more at the link below]
<https://road.cc/content/news/bike-industrys-downfall-behind-sportive-hq-administration-308773>
On 11/06/2024 12:55 pm, Spike wrote:
Sportive organiser cites cycling industry’s “downfall” and sudden
disappearance of loan offers as reasons for entering administration
Sportive HQ also claimed that it was asking for more riders to sign up just >> days before going bust in order to acquire more cash flow and stay afloat
by ADWITIYA PAL
SUN, JUN 09, 2024 15:23
British sportive and cycling event organiser Sportive HQ, which entered
administration and left riders scrambling for refunds earlier this week,
has cited the “downfall” of the cycling industry since the lockdown as well
as sudden disappearances of loan offers as the reason for going bust, while >> also claiming that it was publicising more events hoping that more riders
would enter and provide cash flow for the organisation to stay afloat.
The sportive organiser, quite popular with many cyclists in the UK, was
forced to enter liquidation after suffering heavy losses through the
pandemic and running out of personal funds.
On Thursday, it announced that all future sportives and rides will be
cancelled, including the Flat 100, a 100-mile sportive in South Yorkshire
scheduled to take place yesterday as well as the Lands End to John
O’Groats, or LEJOG, from 30th June to 13th July — the latter costing £1,795
per participant.
[Read more at the link below]
<https://road.cc/content/news/bike-industrys-downfall-behind-sportive-hq-administration-308773>
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