Martin Astley, Jim Walker & Co’s Product Manager, just sent over the following press release from his CEO Ian Wilson. It doesn’t really tell us anything we don’t know but should reassure all those Iron Horse owners out there. He assures me we will be updated as soon as something happens.
Jim Walker & Co is pleased to announce that, despite the recession, its first quarter for this year has seen trading at record levels. Unfortunately, in contrast, it would appear that the holding company for one of our brands, Ironhorse, has become a victim of the recession in America. We understand that the futures for some of its other brands, K2, Jeep and Columbia have already been assured as they have now been taken over by a new company formed from the management, East Coast Cycle Supply; and negotiations are currently taking place for the sale of the more valuable Ironhorse brand.
But the UK range of bikes for 2009 is largely unaffected as most of the range was changed to UK specific bikes and Jim Walker takes shipments direct from the factory, which have already been delivered. So the UK distribution is currently continuing with back-up stock and any service issues should still be directed to Jim Walker as usual.
Jim Walker CEO Ian Wilson says ‘Naturally any change of ownership of a brand takes time to sort out so unfortunately we all have to be a little patient at the moment to see where it ends up. But from what we have been told, we are confident of a strong ownership for the brand in the future. It’s a shame when the owners of such a strong desirable brand as Ironhorse fall victim of the recession in America. Particularly when its so different to our experience here in the UK, where our results are not only at record levels, parts of our business have doubled in the first part of this year and we have some incredible new opportunities.’
Jim Walker also advise that they have recently agreed new distribution arrangements for a number of very desirable brands, details of which will be announced very soon.