Planet X – avoids closure

Planet X, the renowned cycling brand, has been rescued from the brink of closure in a welcome turn of events. Apparently there was significant financial investor interest, that eventually resulted in the company’s assets have been acquired by Winlong Garments, with funding provided by turnaround specialists, Baaj Capital LLP.

The salvation of Planet X comes after a seven-week sales process that culminated in the deal, prompted by the company reportedly entering administration. Administrators Howard Smith and Rick Harrison (Interpath Advisory), confirmed the news and shared the development that all 33 jobs at Planet X will be preserved.

This positive outcome for the cycling business arrives in the wake of several other trade-related administrations, including those of distributors Moore Large and 2Pure. The acquisition by Winlong Garments, supported by Baaj Capital’s investment, represents a significant turning point in Planet X’s journey.

Expressing his delight at securing the future of Planet X and its dedicated team, CEO Richard Mostyn-Jones praised Baaj Capital’s entrepreneurial spirit and shared vision. He eagerly anticipates building on the company’s rich heritage and expertise, continuing to serve the cycling community domestically and globally.

Howard Smith, joint administrator and managing director at Interpath Advisory, acknowledged Planet X’s well-established reputation and its revered status among cycling enthusiasts. Smith expressed satisfaction in concluding the transaction, which not only allows the business to continue operating but also safeguards the jobs of its devoted workforce. He extended his best wishes to the management and new owners for the future.

For Jas Singh, owner and director of Baaj Capital, this acquisition marks an exciting step forward in the company’s plans to invest across various diverse business opportunities. While the retail sector, encompassing both online and physical stores, is a primary focus, Baaj Capital has actively financed acquisitions of distressed and solvent companies across multiple sectors. Planet X, with its specialist production capabilities and innovative design, adds to the portfolio of businesses Baaj Capital supports. Singh expressed gratitude to the Interpath team and Company Management for their invaluable assistance in bringing this project to fruition.