Le Col Sold: HEAD Group Takes Full Control, Crowdfunders Wiped Out

Today, British cycling apparel brand Le Col has been FULLY acquired by HEAD Group following several years of financial losses. The global sporting goods company is best known for tennis and winter sports.

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Details Announced Today

HEAD Group confirmed that Le Col will continue as a standalone brand within its apparel division. Product design will remain in London, while commercial and operational control will move to Milan, where HEAD runs its European apparel operations.

HEAD said the acquisition strengthens its position in cycling by adding a premium, performance-led brand with strong credibility among committed road and gravel riders.

Financial terms of the deal were not disclosed.

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What Le Col Does

Founded in 2011 by former professional cyclist Yanto Barker, Le Col was widely known for high-end, performance cycling apparel, competing with brands such as Rapha, MAAP and Pas Normal Studios. The brand serves a global customer base of more than 250,000 riders and focuses on four core product ranges:

• Pro Collection – race-focused, aero kit
• Hors Catégorie (HC) – premium endurance apparel
• Sport Collection – relaxed fits for training and club riding
• ARC Gravel – off-road apparel with integrated storage

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Shareholder Impact: Why Crowdfunders Got Nothing

Although the business was sold as a going concern, crowdfunded shareholders received no return.

Investors who backed Le Col via its 2017 crowdfunding round, which raised over £1m, held ordinary shares. These rank last in a sale and only receive value once all debts and senior investors have been paid.

By contrast, Puma Growth Partners, which invested more than £14.4m from 2018 onwards, held preferred shares with liquidation preference. This structure entitled Puma to receive whatever sale proceeds there were ahead of ordinary shareholders, as the sale price would have been below that required for ordinary shareholders to participate.

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The New Deal: A Financial Reset

Le Col’s sale follows several difficult years for the business. After rapid expansion during the pandemic cycling boom, the company struggled with rising costs, excess inventory and falling demand. Financial filings showed continued losses through 2023 and 2024.

Puma Growth Partners had already written down the value of its investment prior to the sale. Founder Yanto Barker resigned as a director and ceased to be a person with significant control in October 2025, clearing the way for a full exit by existing shareholders.

HEAD now owns the business outright.

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Thoughts on the Future

Under HEAD ownership, Le Col gains access to greater financial stability, manufacturing scale and global distribution — areas where independent premium cycling brands continue to struggle.

The move of operations to Milan suggests deeper integration with HEAD’s apparel infrastructure, while keeping design in London helps preserve Le Col’s identity and positioning.

For customers, the message is continuity rather than reinvention. For the wider cycling industry, the deal reflects a broader trend: premium brands absorbed into larger sporting groups.

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Timeline: Le Col at a Glance

• 2011 – Le Col founded by Yanto Barker
• 2017 – Raises over £1m via crowdfunding
• 2018–2022 – Puma Growth Partners invests more than £14.4m
• 2023–2024 – Continued losses in a weaker post-COVID market
• October 2025 – Founder resigns as director
• February 5, 2026 – HEAD Group acquires 100% of Le Col

Last Updated on 22 April 2026 by the5krunner