Dunedin bike specialist Cycle Surgery was placed in voluntary liquidation yesterday, possibly prompted by the withdrawal of a major cycle supplier.
Cycle Surgery was placed in the hands of Insolvency Management Ltd of Dunedin, with the lower Stuart St shop closed all day yesterday. No details are available yet of what debts may be involved.
Cycle Surgery Dunedin 2008 Ltd was incorporated in early 2008, with Paul Gough, of Dunedin, the sole director and 100% shareholder.
Liquidator Gus Jenkins noted Cycle Surgery Middlemarch Ltd is a separate entity from the Dunedin operation.
A company spokesperson contacted yesterday said operations at Middlemarch were unaffected by the separate Dunedin liquidation.
Mr Jenkins said because of the suddenness of the liquidation proceedings, many members of the public were concerned about getting back their bikes "some of which are worth thousands of dollars" and are on the company's premises to be repaired.
He said although the bikes were "under lock and key", he reassured bike owners yesterday that they would get their bikes back.
Mr Jenkins said it was too early in the liquidation process to give any estimate of assets, debts or potential creditors involved.
He understood Cycle Surgery "may have lost the support of a major supplier overnight", which while yet to be confirmed, might have prompted the liquidation process.
