Last month brought unexpected news – the importer of the best-selling brand of electric bikes in the UK, Super Soco, had plunged into administration. Newark-based Vmoto UK Distribution appointed Kingsbridge Corporate Solutions of Hull on 14 March, having posted two Notices of Intention to Appoint an Administrator in February.
But there was a speedy resolution to the story, with the manufacturer, Vmoto Soco Group, buying up the UK distribution arm in what it calls “a strategic move to bring long-term stability to owners and dealers”. The UK distributor, which has sold the brand since 2015, will now be known as Vmoto Soco UK.
The key terms of the takeover agreement are relatively comprehensive. The new company Vmoto Soco UK, registered on 14 February, acquired the business and key assets of Vmoto UK Distribution, including the dealer network and customer listings, the management team and employees, stocks, and fixed assets at discounted prices, excluding all liabilities.
Vmoto Soco UK will continue the operations in Newark, Notts, for the next two months while it relocates operations to nearby Navenby, just south of Lincoln.
Vmoto Soco Group MD Charles Chen said, “This is a strategic acquisition that provides Vmoto with direct access to more than 50 active B2C dealers in the UK, which is an important EV market for the company, and will allow Vmoto to further expand its presence with an established management team. Direct sales to B2C dealers will also allow Vmoto to grow the UK market share with more focused support.”
Andy Fenwick, Vmoto UK Distribution MD, added, “Super Soco has become very well known amongst electric bike fans in the UK. Our dealer network has made great strides in building brand confidence, so it is great that the manufacturer itself has invested in the distributor.”
Clive Mann, Vmoto Soco UK’s sales director commented: “This acquisition is a potential game changer for the UK two-wheel EV market, allowing us to push the Vmoto Super Soco as a manufacturer-owned brand to the next level. We aim to benefit dealers, the environment and ultimately the end customer, the rider.”