Have we done this yet?
https://www.cyclingweekly.com/news/latest-news/bradley-wiggins-liquidates-businesses-with-debts-of-over-1m-473202

New Team Cycling Limited also owes £16,710.63 to bike brand Pinarello

Blimey, that’s a bike and a spare set of wheels

It’s only two thirds of Gannas TT bike.

Correct me if I am wrong:
– biggest debt is a directors ‘loan’ to Wiggins, which will be £150k short when repaid.
– the public purse is to miss out as tax is owed.
– a lot of ‘own company’ owes ‘own company’ owes ‘own managing company’ debts going on there.
– as ever, a few of the smaller debts will hit smaller businesses hard.
– Wiggins has rounded shoulders on this.

– Wiggins has rounded shoulders on this.

He’s a director, so 100% responsible for this mess.

Am I right in thinking the ‘own company’ owes ‘own company’ owes ‘own managing company’ debts are just a tax dodge?

I feel for the smaller guys who wont get their money, pretty poor response from him too. I’m sure he would be happy taking the money when it was coming in rather than “leaving it to a team of professionals”

So one of the largest creditors is 101 Ride Ltd – Wiggin’s wife is the director…

No wonder he looks like a vagrant on Eurosport, with all those debts the poor fella must be living rough after selling all his possessions in a bid to keep the smaller companies affected afloat.

That’s how it works you see

I get loads of horrible pop ups on that link.

Who!?

Me too. Unreadable’cause of pop-ups

No pop-ups when I’ve just re-opened it; try using a different browser.
Here’s the text…

Two of Bradley Wiggins’s companies are being wound up with debts in excess of £1m and look set to leave creditors hundreds of thousands of pounds out of pocket.

Wiggins Rights Limited, the company used to “exploit Bradley Wiggins’s name and image rights”, has entered liquidation with debts in excess of £650,000 while a related company New Team Cycling Limited, which was used to run the now defunct Team Wiggins and lists Bradley Wiggins as a director, is also being liquidated with debts of £587,008.

Creditors to the companies, according to the statements of affairs filed at Companies House, include 101 Ride Limited, the parent company of the company that used to run Team Wiggins; prominent cycling agent and management company Trinity, which has rafts of top name riders on its books; bike brand Pinarello and Vitus Pro Cycling rider Dan Tullett. At least some of the creditors look set to be left out of pocket.

Wiggins Rights Limited is controlled by Bradley Wiggins with his wife Cath, whom he split from earlier this year, and his mother owning a one per cent share each.

That company has debts of £654,657 and the statement of affairs, signed by Cath, said it expects to get back only £600,695 from a directors loan of £760,373, issued years earlier. The statement of affairs said it expected the creditors to the company to be left £53,962 out of pocket as the recovery of other book debts was “uncertain”.

The statement of affairs of the company shows that 101 Ride Limited, which is a company controlled by Wiggins Rights Limited and in turn owns New Team Cycling limited, which was used to run the now-defunct Team Wiggins, is one of the biggest creditors and is owed £238,000. Wiggins Rights Limited also owes £29,000 directly to New Team Cycling.

The biggest creditor to Wiggins Rights Limited is HM Revenue and Customs, which is owed £272,360.

The rest of the company’s debts are to accountancy firms and lawyers and total just over £115,000.

New Team Cycling Limited, which lists Cath and Bradley Wiggins as its directors, owes its creditors a total of £587,008 and, according to the statement of affairs, they look set to get nothing.

The single biggest creditor is its parent 101 Ride Limited, which is owed £366,000.

It also owes HM Revenue and Customs £57,344 and Trinity Sports Management £81,621. Trinity is one of the biggest management companies in cycling and its clients include Ian Stannard, Nicolas Roche, and Simon Yates among others. It also oversaw the running of Team Wiggins during its lifetime.

New Team Cycling Limited also owes £16,710.63 to bike brand Pinarello. The Italian marquee supplied the bikes to Team Wiggins throughout its lifetime from 2015 to 2019, though it’s not clear if that is what the debt relates to.

Among the other creditors is Vitus Pro Cycling rider Dan Tullett, who rode for Team Wiggins in 2019, who is owed £583 and Yellow Jersey Insurance, which is owed £7,237.14.

A spokesperson for Bradley Wiggins said the closure of both businesses was “regretful” but that Wiggins’s involvement “was not on a day to day”.

He added: “Experienced professionals were trusted to run both the financial and operational elements of the businesses. It must also be made clear that an investigation into lost assets is still underway. For clarity this in no way effects Bradley’s personal solvency.”

Andrew McQuaid, director of Trinity, said he was “proud of Team Wiggins’s successes over the years”. He added: “If there is an investigation into missing assets that’s the first I’ve heard of it, no one has ever spoken to me about that.”

Dan Tullett was unavailable for comment.

In July this year the High Court in London dismissed a bankruptcy petition brought against Wiggins by HMRC with the consent of the tax man. A report in the Daily Mail at the time said his lawyers and HMRC had met to work out a solution to his financial difficulties.

Wiggins Rights Limited, the company used to “exploit Bradley Wiggins’s name and image rights”, has entered liquidation with debts in excess of £650,000

If that’s a company that does nothing but sell licences to use Wiggins’ name then that’s a baffling amount of debt.

Doesn’t say much for you when you can get that far in debt just marketing/ selling your name!

Although it must sting if you’ve taken out a director’s loan based on future earnings partly predicated on the fact that you’re Britain’s 1st GT winner only to have every other British rider win a GT in the following years and then to lose the record anyway.

If that’s a company that does nothing but sell licences to use Wiggins’ name then that’s a baffling amount of debt.

It’s not some random company, it’s Wiggin’s own company of which he is a Director and 100% responsible for! He has to sign off the accounts every year and as a Director is legally responsible for the companies actions. The failure is 100% his to own.

Doesn’t say much for you when you can get that far in debt just marketing/ selling your name!

A few years ago at one of the bike shows, there was some media / sports marketing company hawking a “coffee table” photo book of Bradley Wiggins, pics right through up until 2012 Olympics and his TdF win. Promising never-before-seen pics, unparalleled access blah blah.

It was £125 for the basic one or you could get a leather-bound limited edition (signed) one which included a piece of fabric from a genuine Yellow Jersey for £1000.

When they were packing up at the end of the show, they still had about 95% of their stock.

You can pick up the basic book for £29 on Amazon now.

Hmmm, So the first one “Wiggins Rights Limited” Brad’s not a Director?
He’s technically a customer and they’re meant to be acting like agents to pimp his name and his image to various brands (Skoda, Le Col, etc, etc) right?

“New Team Cycling Limited” sounds more dodgy, it was setup to run ‘Team Wiggins’ but as that is gone it no longer has a function as a business and should probably have been wound up… Sounds like someone’s been battering the company credit card without any income?
And Brad is a Director for that one…

TBH I can fully believe he’s not been hands on with these businesses setup in his name.

It’s probably a cautionary tale for anyone, that you should keep a hand in/eye on things when you’ve signed up as a responsible party and/or been listed as a director…

So both his ex-wife both owes money as a director and is owed money as a creditor.

I imagine it is no coincidence that they have split up, it sounds a nightmare. My missus and I had a massive row over a missed council tax bill once, it is still a source of tension years later and it was less that £1k!

It’s probably a cautionary tale for anyone, that you should keep a hand in/eye on things when you’ve signed up as a responsible party and/or been listed as a director…

Although he’ll probably get off scott free as its a Ltd company. Company folds, creditors take the loss, Directors walk away without even a slap on the writs – bit of bad publicity in his case which he just passes off as ‘nothing to do with him’ even though he was a director.

For what, in the grand scheme of things, is a pretty pissy little outfit that’s a ridiculously complicated web of 3 companies, loans, management arrangements and interrelated debts and credits. That should be properly investigated, it really sounds like someone was trying to defraud suppliers, sponsors and who knows who else. Probably not Wiggins himself, I bet there’s a behind the scenes guy.

I nearly bought an ex Team Wiggins Pinarello a few months ago – now I look back, I reckon it was (a small) part of the issues here – someone in the team selling stuff off that wasn’t actually theirs to sell but actually an asset either of one of these companies or of one of the creditors……I guess that goes on all the time but it doesn’t make it right…..

My employer went bust earlier this year, owing over $20m to various companies.

Our CEO, whose fault it was we folded, had the cheek to complain to the liquidator that they didn’t have his notice period ($500k) in the list of debts and wanted to be paid in full.

tthew – I would be surprised if neither Wiggins nor his wife knew what was going on.
As footflaps posted above, both companies were limited so creditors take the hit and directors walk away; it stinks but is allowed under UK company law.

If that’s a company that does nothing but sell licences to use Wiggins’ name then that’s a baffling amount of debt.

The debt (and more) is a Directors Loan to Wiggins.

He has had a cheque for £shedloads personally. He now doesn’t repay it all, (his) company that is creditor has a ‘bad debt’. Company goes ‘bust’, reduces profit to loss, meaning no tax due, everything now gets shut down.

This means smaller suppliers, who don’t have lawyers for the sale of a couple of bikes or insurance, now don’t get paid. The big banks with lawyers will get paid. Taxman might not have anything to collect. The difference between what the company has ‘lost’ is lining Mr_Wiggins pockets.

Can we turn the swear filter off? I’ve need to vent.

He has had a cheque for £shedloads personally. He now doesn’t repay it all, (his) company that is creditor has a ‘bad debt’. Company goes ‘bust’, reduces profit to loss, meaning no tax due, everything now gets shut down.

I must admit that was also my first thought when I read “liquidation” followed by “directors loan”. However I Googled & it seems to suggest that the liquidators can and would chase up such a loan, taking legal action potentially resulting in bankruptcy if necessary – so not really an easy route to free money!! I won’t pretend to understand the ins & outs of it, obviously it’s a mess with all kinds of different entities owing each other money, etc, definitely sounds like the taxman (i.e. us!) is going to miss out.

No wonder he looks like a vagrant on Eurosport,

He really does – and on GCN too. Took me a good few double-takes to work out that the retired sailor was actually a former TdF winner

Although he’ll probably get off scott free as its a Ltd company. Company folds, creditors take the loss, Directors walk away without even a slap on the wrist

Makes you Sick, doesn’t it?

Some teams just give bikes away.

https://www.dailymail.co.uk/sport/sportsnews/article-8836469/Dr-Freeman-accepted-bike-gift-Sutton-cleared-British-Cyclings-budget.html

Makes you Sick, doesn’t it?

I see what you did there.

Is Andrew McQuaid Pat’s son?
Hmmmm

Prawny – yes.

Something about former British Cycling stars
https://www.thesun.co.uk/fabulous/11504661/victoria-pendleton-rock-bottom-divorce-regaining-control/

Starting bike companies, getting divorced, reality tv shows, …….

https://www.whatsontv.co.uk/news/dont-rock-the-boat-itv-guide-639474/

The range of Hoy Bikes seems to have shrunk a bit
https://www.chrishoy.com/bikes/#intro

Something about former British Cycling stars
https://www.thesun.co.uk/fabulous/11504661/victoria-pendleton-rock-bottom-divorce-regaining-control/

Sorry to be shallow but those tattoos. They’re quite… a lot. And does one of them say “Mr Fenty”?!

But I guess when you put it like that, it makes sense. Your entire life as a cycling star is training, practising, racing; your diet and routine is based around it, and every goal you have is in cycling. And then you stop and you’ve lost your goals, aspirations, routine, sense of achievement. It must be brutally tough.
And I suppose with Chris Boardman showing one route into bigger and better things, it’s easy to get caught up in trying to replicate that same success.

Something about former British Cycling stars

Intensity of training combined with toxic environment created by Sutton would be enough to inflict long lasting damage on many.
I doubt if we can blame that for the way Wiggins mismanaged the companies – or allowed them to be mismanaged by being negligent in his capacity as a director.

As for their activities when they stop competing, very few have high profile success either inside or outside of sport so they cannot afford to be overly selective in what they do.
Yesterday’s headlines, today’s chip paper – or something like that.

but those tattoos. They’re quite… a lot.

So?

Perhaps he could write an exsposee about the drug regime within Skye and reccoup his losses…

write an exsposee about the drug regime within Skye
been done
https://www.whfp.com/2018/06/29/drugs-an-increasing-problem-meeting-in-skye-hears/

https://www.highland-adp.org.uk/skye-and-lochalsh

reccoup his losses…
Tattoos are not cheap

https://www.cyclingnews.com/news/bradley-wiggins-liquidates-two-cycling-companies-with-pound1m-plus-debts/

But I guess when you put it like that, it makes sense. Your entire life as a cycling star is training, practising, racing; your diet and routine is based around it, and every goal you have is in cycling. And then you stop and you’ve lost your goals, aspirations, routine, sense of achievement. It must be brutally tough.

The same for all top level sports professionals. When all you live for is over at age 35 it must be hard to deal with. Footballers used to open sport shops or just go to the pub all day didn’t they…