Vulpine has been purchased out of administration by Cotswold based Mango Bicycles. Mango, who had traded profitably since 2013, made a large loss of £280k in 2015/16 and were showing a negative balance sheet for YE March 2016.
Details of the transaction have not yet been made available. The administration is not even filed at CH as of today. It seems unlikely that the deal will leave any room for Crowdcube investors to see any money back. Hussey seems more concerned for the brand than the people who allowed him to play with it. We can only hope that for once the administrators do a thorough job and make some effort to protect the interests of the shareholders.