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I’ll be sad to see them go thou 🙁
Any word on the community of crowdfunders and their £4 million investment?
Was it ever an investment? Looked like a glorified donation to me.
Was it ever an investment? Looked like a glorified donation to me.
Quite.
Best not throw too many stones in this particular glass house...
Same though as many above. Bought loads of their gear over the years and just received a Polestar tend for some long solo walks in the spring. Still wearing original Filo jackets for cool nights in the van and my favourite sleeping bag still a 10yr old Alpkit. More recently I would wander into their shops in Keswick or Ambleside and walk out with nothing. It had become too expensive and I always wanted it to offer better prices than Rab/Montane etc for similar kit. Maybe I am wrong to have that perception but they cultivated it early on and it's difficult to change that mindset. I really hope they survive.
Could someone please post the email up? I'm a very minor first gen investor & haven't received it. Thanks.
It isn't surprising really. I live quite near to the Hathersage shop but the last few times I've been in I have left empty handed. They seem to have lost their way a bit and look to be trying to become a premium brand. What they started out with was kit that was 90% as good as the really high end stuff but at 50% of the price but lately they seem to be creeping up to not much better priced than some premium brands and basically it has split potential customers into two groups as far as I can see it. Group 1 are the folk who want the really effective products but are now thinking "It's almost the same price as --------(insert premium brand here) so I may as well get one of those instead and Group 2 are the people who are more value driven who will now just go to Decathlon and buy their (admittedly really quite good!) stuff there.
I think everyone grabbed their first bikepacking stuff from them, probably helped move the bikepacking gear from the niche of small businesses making nice but pricey stuff to more mass produced and cheaper ,making it easier for people to buy and get out there and gave bikepacking a wider audience.
Yeah I'd forgotten that. I'm still using their bike packing kit mebbies 10 years later? They did (do?) a made to measure frame bag that fits into the triangle for cheap, I think I paid ~£70 for mine. Their other bikepacking bags and bits n bobs have been A1.
I also have an aluminium Camino frame I bought in their sale for about £200 IIRC. It was obsolescent (quick release/post mount brakes) but shhhhh, it doesn't know... I built it into a cheap gravel tourer mainly with bits lying around and it's been ace.
Last one (I'd also forgotten) was a Visio tent (Hilleberg Nallo copy) I bought a few years ago for car camping. It was cheap at £170 and heavy at nearly 4kg but is fine for its intended purpose. I wouldn't carry (preffering lighter kit) much that they've made (apart from the bike packing bags) but when the kit is cheap and a reasonable copy of something decent, it stands some scrutiny.
Having wandered off that path, they seem to be struggling. I do question myself each time I buy a cheap copy of something from them as it's not really on is it? Call it the Aldi approach...
They did seem to catch the bikepacking wave at one point early on. I'd already been using my Revelate kit for a few years when they popped up and could see "flaws" in some of the designs but I could also see that it was more affordable. Their prices seem to have risen faster than everyone else though, so that budget-friendly approach has been dropped at the same time as other folk have stepped into the market. If I was starting out I'd be looking at the likes of Rockbros now.
The only thing I've bought from them directly is some 3/4 running tights which I love and I'm hoping I'll get a chance to buy another pair.
Other than that they seemed to have an ever increasing selection of clothing and I hate buying clothing online as I'm just too bloody fussy. Trying to judge the warmth, thickness, stretchiness of materials from online descriptions is pants. Maintaining a line of a few basic items seemed to make more sense for an operation based on just a few bricks and mortar shops.
I'd like to see them survive if the lessons learnt involve going back to their roots somewhat but, either way, I hope the staff are ok.
What they started out with was kit that was 90% as good as the really high end stuff but at 50% of the price
There must still be a market for this kind of thing (although I guess it might be 60/70% of the price these days). There are plenty of people, I would have thought, who want 'decent kit without the bullshit' - people like me who are 'general outdoorsy' people. People who spend a lot of leisure time in the outdoors walking, cycling, swimming, running, whatever, so want stuff that's better than Mountain Warehouse bargain basement fare, but recognise that they also don't need to buy something from Mountain Equipment that'll take me to the top of Mont Blanc. They might also pay a bit of a premium for the 'good intentions' of Alpkit (them being a BCorp etc)
And I know this is a drum I've already banged, but a massive slimming down of their product lines - they have seven different headtorches, three different camping/ tent lanterns, four different bike headlights, 12(!) different sleeping mats...
And I know this is a drum I've already banged, but a massive slimming down of their product lines - they have seven different headtorches, three different camping/ tent lanterns, four different bike headlights, 12(!) different sleeping mats...
Ah. That's another reason I've not bought much from them. With so many lines there are often gaps in availability. You See something you like, try to buy it, it's out of stock. Get put on a mailing list for the restock and wait months, by which time you've bought something else.
does that mean all those crowdfunding shareholders are going to get shaken down for pennies in the pound?
They're not getting 'shaken down', they're discovering that their investment didn't work out as they hoped. That's the risk you take when you invest in a company.
There must still be a market for this kind of thing (although I guess it might be 60/70% of the price these days).
For me you're describing Sports Pursuit
last filed accounts (2024) are showing a £1.4M loss. Production cost being the single biggest risk. I think they were using an ILF and it doesn't look like they had a long term agreement with their bank They gave themselves a couple of years to turn it around, aiming to make a profit in 2026. I reckon the bank said no...
Could someone please post the email up? I'm a very minor first gen investor & haven't received it. Thanks.
I am writing to share some extremely difficult news and the hard choices we must take
to ensure Alpkit continues.
We’ve faced incredible challenges over the last three years—rapid cost inflation,
challenging market environment and new trade barriers coupled with the rising weight
of interest rates and recovery loan repayments. While we have made huge progress, and
came incredibly close to a successful turnaround, my Board recognises that these
pressures have created an insurmountable mountain for us to climb as we currently
stand.
It is an extremely sad day for everyone at Alpkit, and for us co-founders in particular.
Today, we are confirming that the Board has accepted that we must place Alpkit into
administration. We have applied to the courts to start that process. It is hugely
regrettable, as unfortunately, this means the value in your shares is lost.
As the main shareholder and Chief Executive, I carry the weight of this personally. Under
my leadership, we have made mistakes. But overall, we have done so much more right.
Alpkit was founded on friendship. One of the personal pleasures of this journey—which
makes this decision so much harder—is knowing that behind every transaction is a
human relationship. People we know, we trust, and we enjoy doing business with. To us,
you have always been far more than lines and numbers on a chart.
Alpkit has been a lifetime's work with so many highs: award-winning products, industry
firsts, and the honour of being named Outdoor Brand of the Year just this past
December. Throughout this time, your support has been overwhelming. You have
inspired and energised us with your guidance, your product feedback, and your time
spent with us at AGMs, Big Shakeouts, and on our gravel rides.
The Path Forward
We are in advanced talks with a new owner and investment partner and expect to share
news with you shortly. Everything is in place to complete the deal. We expect that all
jobs will be saved, our stores will remain open, and all customer orders will be fulfilled.
The Alpine Bond remains strong. Our pipeline of new products is as exciting as ever. We
remain here to help you Go Nice Places, Do Good Things.
In doing so, we are doing something rare. Every shareholder who joined us through
either of our crowdfunding campaigns will be given shares in the new company. This is
not just a commitment from the team here; it demonstrates how well-aligned our new
investor is with each and every one of you. You invested in us, and although that original
business is lost, we want you with us with a stake in our future.
I’d like to thank you personally and also on behalf of Nick, Col, Kenny and Leigh for
supporting us through the highs. Our entire team looks forward to emerging from this
low—together. And with your continued stake in Alpkit, we look forward to having you
alongside us on the journey ahead.
David Hanney
Chief executive
What options were considered leading up to this decision?
We have been working with BDO, a leading advisory firm, on strategic financing options.
With them, and working with our banks, we considered all options:
- Restructuring our recovery loan debt including a potential debt for equity swap
- New solvent investment from private equity, high net worth individual or trade
sale
- A discounted rights issues to existing shareholders
- A third Crowdcube fundraise
- Pivot our strategy with deep internal restructuring and cut backs – disposing of
part of our business to a smaller, profitable core that can service our legacy
recovery loans. Trading our business – with a call of support from all our
customers - and aim for a ‘great escape’.
- Business break-up
Last October we wrote to you setting out our financial challenge. Shortly after, we
engaged BDO believing it was likely we would need investment. With BDO we
undertook a comprehensive review of options and approached 180 investors. More
than 60% responded and 50 parties looked closely at our business.
Our priority is to all stakeholders: customers, staff, creditors, banks, shareholders,
suppliers and the people & places we operate.
At this point it is worth recognising the great support we received from our banks: HSBC
and FSE Group. They have supported us throughout this process and enabled us to
reach a successful transition to a new owner. We are fully aware that not all banks do
so and our heartfelt thanks go to the teams at these banks – they too are the good guys.
We weighed up the pro’s and con’s to all these options and believe this financial
restructuring through a pre-pack gives the best outcome overall balancing all our
stakeholders.
Is there an alternative to this proposal?
It is hugely regrettable that without an investment of this type then we’re likely facing
business break-up and closure.
A priority of the Board has been to protect jobs and we are pleased that all staff will
transfer to the new company; customer orders will be fulfilled and the Alpine Bond
warranty remains intact. Our commitment to Alpkit Foundation and opening the
outdoors to someone new continues. Our priority is now to minimise disruption to
customers as we build from this moment.
Who is the new investor?
The investor is entirely new to Alpkit and is not connected with any director or
stakeholder.
Jeroen van den Berge, who runs his own investment fund, has a background in strategy
consulting, product management and finance before co-founding and leading an
industrial supplies group. Quite the outdoor enthusiast himself, what excites him about
Alpkit is our strong heritage and values, leading product credentials, direct-to-
consumer model and loyal membership base.
Jeroen will not be taking on a leading role in the business, but will instead support the
existing leadership team on delivering Alpkit’s growth plan.
What is happening to the co-founders and directors?
The current directors and co-founders will continue working in the business. Like all
shareholders, the value in their shares is lost.
What will this restructuring achieve?
The pre-pack gives a clean start that clears our Recovery Loan legacy debt. It protects
jobs, secures Alpkit’s future and enables us to deliver our growth plan.
An outcome of this process was the unanimous affirmation and support from our
potential investors to our growth plan. This financial restructuring enables us to focus
on product and service and to get back to good profitability.
The path is to
- re-source it’s production from high wage and high tariffs territories to lower cost
and lower tariffs. We can improve quality, desirability and performance whilst
reducing cost.
- add new products and brands such as Trakke and footwear
- accelerate growth through marketplaces
- keep a relentless focus on our cost base so every £ spent delivers better sales,
products and service.
This does not mean we are going cheap, downmarket or anticipate a drop in our product
standards – we remain totally committed to technical performance, social justice and
environmental responsibility – it will let us compete better on performance and price in
a challenging market environment. And gives us the profit margin so we can make
money on the products we sell.
With your continued stake in Alpkit, we look forward to having you at our side.
You do not need to take any action now. We will be in touch when this is set up (please
give us 90 days).
What happens to Shareholder Rewards?
We intend to keep our Shareholder Rewards scheme as-is that gives Discount
Dividends based on the amount you spend with us.
What happens to my shares?
At the end of this process the existing company will be dissolved. In an administration,
shareholders are last to receive any value after staff, the taxman and suppliers. It is
probable there will be no return to shareholders. It is regrettable that all the value in
your shares is lost.
Can I claim tax relief on my loss?
Although this is little comfort, we do believe you will be able to claim a capital loss in
your tax return for the lost value.
You can carry forward the loss to reduce your tax payable on capital gains this year or in
the future.
Note – if you don’t have an existing tax adviser it is worth exploring the potential for this.
What do I need to do next?
You don’t need to do anything. Crowdcube will take their necessary steps and we will
be in touch within 90 days with an update on your stake in the new company.
Thank you for your continued support through these troubled days.
I've known the guys who started Alpkit from way back when, good people with a vision to make good kit at competitive prices and, where possible, in the UK. They've actually changed their model from the beginning when it was all about leveraging the savings in being an online only operation to give them a big price advantage. Then rather than being seen as producers of 'cheap kit' - as per some of the comments on this thread - they started to focus on producing good kit full stop, but at a reasonable price and opening actual bricks and mortar shops, expanding into the bike market etc.
I suspect the problem with that is that they still don't have the resource of the big technical outdoor brands, so while you can bring in a Rab designer to oversee your clothing range - which is what they did - you don't have the same access to the best factories, fabrics etc. My experience of their recent stuff is that it's solid and generally well-made and designed, but it lacks the polish, for want of a better term, of Rab, ME, Montane etc. Fwiw, I don't think the outdoor industry as a whole is having a great time of it, similar to the bike industry. Anyway, I wish them well, really good people.
Yeah, maybe, but I can't get on with SportsPursuit, they just have too much stuff. If I want a jacket I don't want a selection of 300 jackets to choose from.
Sport Pursuit is a basically a warehouse clearance business rather than a brand. It's great if you know what you're looking at or for and which brands you trust and can filter out the noise from those you've never heard of. Just to complicate things, they also have their own in-house 'brands' which are permanently 'discounted' though not actually available elsewhere. They're perfect if you want, say, a Rab or Montane waterproof jacket and they have what you want at 50% off, but yes, it helps to have an idea of what you're looking at.
Seems amazing they're planning to go with another Crowdcube raise after what happened last time.
My experience of their recent stuff is that it's solid and generally well-made and designed, but it lacks the polish, for want of a better term, of Rab, ME, Montane etc.
Perfectly put.
Seems amazing they're planning to go with another Crowdcube raise after what happened last time.
Not just that, but it looks like the existing Management, the ones that got them into this pickle remain. So after wiping the slate clean, it looks like they just carry on with the flawed business model that delivered this situation. For me, they need to be either one thing or the other. Either an online only, low overhead, good value 'worthy' kit supplier or a polished high street, high end outdoor brand delivering high quality/desirable products at sustainable margins.
So many decent brands have gone South that it seems building a brand and enhancing its desirability beyond the hardcore outdoors market (ie where the high margin/high volume sales live) is a fools errand. I'm not a Marketeer so probably don't fully understand their witchcraft but this seems really simple to me. Cut some costs, consolidate the range and get back to the (successful) core business. Forget world domination, it's overrated...
Seems amazing they're planning to go with another Crowdcube raise after what happened last time.
Aye, well. I got my fingers burned (for money I could afford to write off) on Pedal Me so...
It's a pity this has happened, particularly as Alpkit didn't that long ago resuscitate Trakke whose stuff I really liked.
Not just that, but it looks like the existing Management, the ones that got them into this pickle remain. So after wiping the slate clean, it looks like they just carry on with the flawed business model that delivered this situation
That struck me too
Not just that, but it looks like the existing Management, the ones that got them into this pickle remain. So after wiping the slate clean, it looks like they just carry on with the flawed business model that delivered this situation
Stuff like this might be legal but it seems morally wrong, somehow.
It's not just daft, it's more than likely to result in a repeat performance. I know they won't have the heavy weight of external debt hanging over them but they'll have similar in an investor looking for a return on his investment. Not that much different in terms of requirement to deliver profit...
From that letter...
The pre-pack gives a clean start that clears our Recovery Loan legacy debt.
That's yours and my money being written off. But whatever it's only money from the government.
And that letter reads like we've dropped our current suppliers in the financial shit (who they must have been happy with) for cheaper ones as we can't go back to the original ones. If management was doing their job why weren't they sourcing from cheaper places anyway?
Seems amazing they're planning to go with another Crowdcube raise after what happened last time.
From the email, seems they considered it but they're being bought by a private investor, no?
They definitely need to consider what the strategy is going forwards and where to position themselves.
I suspect the problem with that is that they still don't have the resource of the big technical outdoor brands, so while you can bring in a Rab designer to oversee your clothing range - which is what they did - you don't have the same access to the best factories, fabrics etc. My experience of their recent stuff is that it's solid and generally well-made and designed, but it lacks the polish, for want of a better term, of Rab, ME, Montane etc.
Perfectly put - and I think said ex-Rab designer has left to start her own woman's specific brand too? The lack of polish, plus not being bougie enough to appeal the Arcteryx/Patagonia Gorpcore consumers narrows their market to generally outdoors enthusiasts only - i.e. not Fashiony enough to compete with Finesterre, not quite as polished as ME/Rab and without the label prestige of Patagonia, your appeal is limited. Throw in ever increasing overheads and it spells a bit of trouble.
Would love to see Alpkit 2.0 survive, but cut the product lines back significantly.
I've got quite a bit of their stuff, but I'm not planning on getting more because they don't sell anything else I need. A good deal of it is available elsewhere, the nice thing about Alpkit is that you can get it in one place. And you can view it in-store too where you can talk to knowledgeable staff. That's something that Amazon can't offer even if some of the kit is very similar.
Something I haven't seen mention yet is the fact their Ti cookware can be the cheapest on the market when they have a sale on. Even the stuff from Aliexpress is dearer!
I have a bunch of their camping gear and some bikepacking bits. I really like it all tbh
I also like visiting the Ambleside shop, the folks who work there are lovely.
Sad this has turned out like it has, but hopefully they can keep going and keep everyone's jobs.
P.S of course this would happen a month before I build the Sonder Transmitter frame sat behind me... i hope nothing is wrong or missing 😆
If management was doing their job why weren't they sourcing from cheaper places anyway?
TBF to them, they're probably trapped in a space where they need enough orders to make the price point with the manufacturing factories, and provision enough stock for their stores, but trying balance that with (probably)pretty firm payment terms - maybe even up front, and underwhelming sales. Something had to give.
Although, I'm surprised that part of the deal isn't closing the stores and going back to on line only.
Sad news, but personally I'm glad I collected my Camino Ti last week (lucky timing, I had no idea they were in trouble). Fingers crossed I don't have any issues, I don't want to test if they actually honour 'Alpkit 1.0' warranties. I've got a lot of their kit and was looking to get a few new bikepacking bits when the dividends come through.
Will the dividend system stay/be honoured? Nearly £3k towards the next batch was a significant side bonus of the new bike. EDIT - saw that in the email above, it will stay
I also bought a Planet X Ti bike a week before they went into administration a few years ago, bit of an unfortunate coincidence.
Seems amazing they're planning to go with another Crowdcube raise after what happened last time.
They aren't, it was one of a number of options.
Once again on this type of thread there's no mention of the creditors. All those hard working people who made the stuff, sold them the stuff, rented them stuff, provided services that never got paid for etc. Poor sods.
Does anyone know how much the founders were paying themselves one way or another over the years they ran up all this debt?
Liability needs to be less limited. I'd have directors return any dividends paid to them over the previous five years and any salery over the average wage in the previous five years upon bankruptcy.
the lack of polish, plus not being bougie enough to appeal the Arcteryx/Patagonia Gorpcore consumers narrows their market to generally outdoors enthusiasts only - i.e. not Fashiony enough to compete with Finesterre, not quite as polished as ME/Rab and without the label prestige of Patagonia, your appeal is limited
But, if you price it below the likes of those brands, I'd say your appeal could be pretty broad to savvy outdoor enthusiasts, of which I reckon there's a lot. As above, 90% as good for 60% of the price is an appealing proposition (at least to me)
That doesn't work when your customers filled their boots when wiggle went bang and your competitors have all had >30% off for most of the past 3 years.
I got quite a bit of Alpkit stuff when they started out, but their value proposition just isn't there any more.
The shops have a really good repair service, something that is unusual in the throw away society. When I visited their Betws-y-Coed store last year, I wasn't really tempted by anything on offer. As others have commented their offering falls in between the low cost Go Outdoor/decathlon own brand stuff and more expensive brands such as Rab.
Stocking everything from paddleboards, bikes and tents through to outdoor clothing for every conceivable condition or activity can't be sensible for a company of Alpkit's size. They can't possibly have the resources to properly specify and review suppliers for their entire range.
They have definitely lost their way in the last few years.
I have had lots of kit from them over the years from cheap Thermarest clones that went round New Zealand, head torches, dry bags, stuff sacs, a down vest (i need to get the zip fixed on that) a Primaloft Jacket thats still in daily use during the winter months and most recently a pair of their Arnison hiking trousers. All of which were pretty inexpensive, with the possible exception of the trousers.
As others have said, they aren't cheap enough to make people choose them rather than Rab or ME but don't have the street/country pub cred of those brands.
I was in Betws couple of years ago and walked up the road having a nose in the outdoor shops and aside from it being all the same brand and having a bike shop downstairs, it struck me as "not cheap". In fact if you needed a jacket of some description you could have probably picked up a discounted one from Cotswold cheaper than buying one from Alpkit and that's even before considering the cheap Regatta shop down the hill.
Same goes for online shopping.
Their filoment micro baffle down jacket is currently £128 down from £160. Their Katabatic synthetic insulated jacket is £125 from £180.
Alternatively you could buy the Fjern equivalent for £80 for the down from Sportpursuit. On Cotswold similar Jackets start from £100 or so depending on size.
They need to go back to their roots imho, "good enough" proper outdoor kit that's actually meaningfully cheaper than the Rabs of this world, if that means online only so be it. The current approach is clearly not profitable.
Not just that, but it looks like the existing Management, the ones that got them into this pickle remain. So after wiping the slate clean, it looks like they just carry on with the flawed business model that delivered this situation
That struck me too
I'd hazard s guess, that based on some experience, the investors will come in to "mentor" the existing management team with a view that they are there solely to keep the appearance of business as usual whilst looking to make changes in the mid term.
Very sad to see this. Like many, we have quite a few Alpkit bits pieces , bike pack bags, clothes and a Camino. Always been happy to support a seemingly less high street ‘brand’ and not had any issues with them at all, other than in early Covid times when they had been paid for two Caminos, but only actually had the frame for the wife’s bike and it took about 10 days to get the funds back. Pity.
Looks like the investor set up a company a few days ago with the same MO as Alpkit.
Like others I'm not particularly surprised by this as they certainly seem to have lost their way and weren't really offering anything different in terms of quality/service/price ratios. I heard a lot of talk about their service being amazing but I had an issue with one of their jet boil type stoves - got a pretty blunt and unsympathetic response which seemed to be implying I was lying and that they weren't bothered.
The whole investment thing has a bit of a stink about it as well....and the thought of them re-emerging phoenix like having screwed over investors and dumped their debt doesn't sit well with me either.
TBH according to that email they have said that they will be giving shares in the new company to the crowdfunders.
I’d see what happens before getting the pitchforks out.
having screwed over investors
I'll say this again - regardless of what happens with the 'shares in the new company' thing, they have not screwed over the investors. The investors, er, invested, in a company that they thought would be profitable. However that company failed but it wasn't due to deceit or malfeasance, it was because of poor decision making on the part of the management. So, the investors' judgement turned out to be incorrect, and such are the perils of investment.
Must be hard to compete with the likes of GO Outdoors and online retailers.
I don't think we know what's happening wither existing borrowings either. They may be being settled as part of the Administration process or even under the new investment.
I was first aware of Alpkit when they were importing stuff and giving it "respectable veneer", offering UK backup and warranty. I do wonder if that's just a business model that's not going to work now, hence their branching out/up. If I want a gas stove for camping I can pay for one of the big names, go for a "named" Chinese brand or hit Temu/AliExpress and hope for the best. Similarly for clothing and much of the other equipment.
having screwed over investors
I'll say this again - regardless of what happens with the 'shares in the new company' thing, they have not screwed over the investors. The investors, er, invested, in a company that they thought would be profitable. However that company failed but it wasn't due to deceit or malfeasance, it was because of poor decision making on the part of the management. So, the investors' judgement turned out to be incorrect, and such are the perils of investment.
Exactly, I'm an investor, £500, liked the company and ethos, have had a fair chunk of that back in discounts, I answered all the questions on Crowdcube honestly and went in my my eyes open knowing any investment in retail is high risk and I'd probably not get my money back, but I might with a bit of luck make a profit, c'est la vie.
The team running Alpkit will be gutted, mistakes were probably made sure, but it also looks like they have acted quickly to preserve what they can and find a way forwards that avoids the whole thing collapsing and people losing their jobs.