You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
I managed to speak to one of the owners this morning
Stressed out with how his weeks gone but no ones going anywhere by the sounds of it.
I would give them a few days to sort things out
Perhaps " sorting it out" could involve actually communicating with people.
Surely that would relieve some of the stress as well.
After all, there's no point planning for a future if you've totally trashed your reputation.
Yeah for sure I was angry phone man to start with but I’m not to worried now
I’m happy to wait
No ones legging it they’re sticking around just give them a day or two
I suspect they're feeding you a line Nonk, and buying time to gtfo with all the product from suppliers with credit terms.
The business was in administration and up for sale/disposal by administrator, they continued to take orders and place orders, to sell at zero margin. That points towards a cash and inventory grab, pop the ltd co, clear out as much product from the premises as possible before an insolvency inventory is done, sell product privately, trouser as much cash as poss and **** everyone either side of the deal.
Sadly I've seen that sort of trick done before in other industries and this looks all too familiar.
Well maybe but I don’t think so
I can actually recover my funds from the order
He was reassuring me the order will still be met if I want it
£265 for e4 pair with floating rotors.
Yowsers. I would expect that once you've shipped them out and accounted for the fees for getting the money in, thats a loss of between £20-30. Thats not even at standard trade (I'm assuming some level of discount here).
I'm not aware of the circumstances of the Ubyk situation and don't want to seem as I am passing judgement here as its not fair for me to do so, but the issue raises the wider point that effects all retail which is that too many businesses competing for no margin (or loss making) business is a really big problem for retail right now. Its unsustainable and ultimately people get burnt.
At some point we as a purchasing group (cyclists) are going to need to ween ourselves off the idea that everything should be discounted and start getting used to paying more like RRP or we'll only have Chiggle left. The bike market has a real problem on its hands to keep control of its pricing. If one company can do it for a year, then that collapses everyone's market for a year, then they go pop and another springs up, and it starts again. Alot of people talk of LBS failing to adapt, but there's a wider problem of their not being able to even do what is their basic premise & still make money, and when that happens its a big problem.
All looks like perfect pre-liquidation behaviour to me, have a massive sale on a high profile brand promising to supply at less than trade price, get all the money in before ordering/shipping goods, take the money and then go into liquidation leaving credit card companies and suppliers high and dry. Hopefully nobody bought on debit card as likely to be goodbye to that money.
A friend who also cancelled the order has just received a refund but from the bank. Hes asked me to post this if it helps anyone https://www.moneysavingexpert.com/shopping/visa-mastercard-chargeback/
Trashing a reputation doesn't matter if you're cheap. So many people on this thread were happy to part with money due to the high level of discount offered despite a 2 star trustpilot review rating and loads of negative comments everywhere on the web.
I've shopped with them before. I had them in the "cheap price/long wait" box. A month should have been fine to get a set of Hope brakes, as others have said, Hope don't have delays on product.
Oh dear. All conjecture and internet rumours, I do hope that people get their orders and Ubyk folk are kept in employment.
Shitty thing to happen at any time, but particularly this time of year.
Knew 20% off Hope was too good to be true.
Stressed out with how his weeks gone but no ones going anywhere by the sounds of it.
I would give them a few days to sort things out
Horseshite.
Classic director speak when you are going spectacularly out of business and want to keep problems at arms length.
He's probably saying the same to the staff; "go home, it'll blow over in a few days and you'll be fine"
I've been on the receiving end of that line; it stinks.
^^^ exactly ScottChegg!
"Give us a few days until our creditors and unpaid suppliers have closed for Christmas so we can spirit away the remainder of the assets, and by the time a liquidation asset inventory is done, there'll be sweet FA for those pesky people we owe money to".
Seen it several times in my career, and so often it's done over the Christmas period for exactly that reason.
Just hope any staff see some pay at the very least.
LOL That's 20% off already discounted stock !!!
Tried to post on their Farcebook page. Won't allow me too. Sounds as if the business has gone and maybe a new owner will take over. How would any orders placed before a (if any) new owner be fulfilled?
This is really wierd. Just received a PM from a new stw user. For complete transparency, I have no connection to Ubyk, or whoever it is that has sent me this message. But here it is verbatim:
"Hi,
I have just seen your Ubyk post on the Single Track Forum. I'm unable to reply to the thread on the forum (maybe because I'm a new user).
I'm happy for you to put the following info on the forum to give folks a picture of what is happening but please keep the source as anonymous.
Ubyk Limited has gone in to liquidation following difficulties with trading. Anyone with a credit card transaction should seek a refund through their card provider ASAP. Peak Bikes Limited has taken over Ubyk and will keep Ubyk as a trading name and will try and give as much help as possible to customers.
Once the website is back up and running, customers can place orders again and these will be processed through Peak Bikes Limited. We will do our very best to get these orders processed ASAP but please bear with us whilst we put the wheels in to motion.
Peak Bikes Limited t/a Ubyk will have a rough few weeks / months ahead but they will work very hard to regain the trust of those customers who have been affected by the trading of Ubyk Limited.
Peak Bikes Limited is a separate company to Ubyk Limited. There is no common directorship or connection between Ubyk Limited. Peak Bikes has taken on the brand to move it forward. Dare I say it, there's a lot coming out the wood work that was not known before the take over and we are trying to deal with it as best as possible.
We want to help and we will do what we can.
sales@peakbikes.co.uk is Peak Bikes email
Both Brighton and Oxford shops are having a fresh lick of paint and will be open again ASAP"
I'll leave it up to you to draw your own conclusions. I know what mine are.
I’ll leave it up to you to draw your own conclusions. I know what mine are.
That we’ve been shafted.
Ubyk Ltd has gone and to be honest it’s a very strange business idea to take on Ubyk as a brand name - it’s name is shite in the industry and has got worse over the past few weeks.
If peak bike want a fresh start, I suggest that, while giving the store a new lick of pair, they paint over the ubyk sign outside and put their own name on it.
The name might be shit but people keep giving them your money all for a bit of a discount !!!!
I agree 100% with Buenfoxa and Onzadog!
The old owners seem have done the classic cash grab & bust, shafted consumers and suppliers and walked away laughing. New owner finds supplier relationships burned, zero goodwill in the brand name, consumer mistrust of the brand. They'll likely be on proforma only from everyone I should think!
The only potential "win" I could see for a new owner is the IP around the online custom bike builder tool.
We'll see what happens I guess. Get those card claims in.
Probably worth checking out "wrongful trading" against the old directors too. And a quick scan of all PDFs on the Ubyk Ltd accounts on Companies House does reveal some interesting things - like a £421k loan with rolling first charge over the business assets. Guessing a high net worth enthusiast investor looking at the name and a few LinkedIn searches around it.
Whole thing stinks IMO.
Whole thing stinks IMO.
It does, I was lucky to get away with a stem purchase just over a month a go. I didn't even think when I made the buy, but when it had not shown up 2weeks later and my emails went unanswered...then the excuses started rolling in, I started looking at the T&S's and digging a bit further I thought the whole thing stunk, I started claims with paypal immediately. Well shady business practices and I shall be more careful in future.
I hope all those stung get their money back/
The name might be shit but people keep giving them your money all for a bit of a discount !!!!
This.
We all need to do a bit more research before buying, just a quick Google, or check on Facebook would have alerted folk to just how terrible Ubyk were.
Most people wouldn't buy an Amazon product, or download an app with a 3 star or less rating, but a 1 star TrustPilot score, as long as it has a 20% discount is worth a punt, so it seems.
I hope everyone gets their money back somehow, I'm assuming the new owners take you on as creditors.
^^^ Agreed. And sounds like the new owner (and investors along the way - who the bloody hell put £421k into a bike shop 12 months ago?!?!?) should have been more on top of their due diligence too.
Before people hang, draw and quarter then, it's worth noting UBYK had the same sale last year and I think the year before also
Looks like they have pulled everything off their eBay account. No items for sale.
Before people hang, draw and quarter then, it’s worth noting UBYK had the same sale last year and I think the year before also
Difference being that in previous years, the shops didn't shut, industry contacts talk of stock being moved out, neighbours confirm shutters down and then a new owner confirm in writing the old operating company and owners had gone bust.
But HGs point stands, there was no reason to be suspicious if the sale.
Just because people thought they were getting a bargain, doesn't mean it's okay to dry bum them.
Before people hang, draw and quarter then, it’s worth noting UBYK had the same sale last year and I think the year before also
They were hung and drawn a long time before their fire sale.
But HGs point stands, there was no reason to be suspicious if the sale.
Just because people thought they were getting a bargain, doesn’t mean it’s okay to dry bum them.
Sorry - my mistake, I misread HG's post as hanging Ubyk directors out, not the consumers! Agreed, consumers and suppliers both stitched up here by the looks. Interesting to see where the original directors go next......
That Trustpilot review - taking the full amount rather than a promised 10% deposit on a SC frame...then shuttering the business. God, I hope he paid via credit card, although even that would hardly be a victimless crime.
Their reputation is toast. Not sure what the 'new owner' might think he was getting.
Hmm would it be strange to imagine the "new owner " may have been involved with UYBkunts! and as such just starting another company up with funds from a failing previous company.
Needless to say im glad i posted the thread and followed my gut and with the hopes a few more managed to get their money back before the point of no return. Will also be interesting to see who from the original staff team who worked there turn up for the new owner too ....
I would imagine the new owner is also the charge holder of the previous loan. I expect things could have got out of control and they've stepped in by calling in their loan. Removal of stock and shuttering the website might just be damage control to ensure the thing you just 'owned' is still there tomorrow. Breakups like that would be quite acrimonious.
The question then just remains as to whether they can/will make good for customers that are currently out in the cold. Let's hope so.
If they have funds it wouldn't cost too much to deal with the orders as long as they get a grip on communications sooner rather than later.
The director of Peak Bikes Limited has no previous relationship or involvement with Ubyk Limited or the directors or Ubyk Limited.
The massive loan that Ubyk Limited had, has not followed over to Peak Bikes Limited. Nor was the provider of the loan anything to do with Peak Bikes Limited.
There's a lot coming out of the woodwork in the last few days that Peak Bikes Limited needs to take a view on. From a legal point of view, the issues are not their problem but they are going to do their utmost to work with customers where possible.
@benpinnick I checked names on Peak Bikes against all names including the charge holder on the £421k debenture and no tie up - that was my first thought too.
BUT here's where it gets interesting.....
Peak Bikes Ltd is a dormant company. Accounts submitted every year as a dormant co, no money through it since inception.
So you could be right about the charge holder and Peak being a ghost investment vehicle.
Even more interesting - director searches in & around Peak Bikes does reveal other directorships of property companies etc, so maybe a search of the deeds of the retail addresses would be revealing.
Definitely begs the question of a: how and b: why a dormant company would buy a failing business doesn't it?
Andyrm, there's no link or relationship between Ubyk Limited or its directors and Peak Bikes Limited and it's directors.
The director of Peak Bikes does have other business interests. Peak Bikes was incorporated a few years ago by the director as he had intentions of getting back in to the cycle trade. Other businesses took priority and the time has only come right in 2018 to move the venture back in to the cycle trade forward.
What’s your link to ubyk/peak bikes, pc89?
Their online bike specing tool thing didnt make a business success, so why on earth do some new owners think they can make it work. Especially as they are now buying something with a terrible reputation.
Guessing PC89 is the same Peter Currey who was born in 1989 that owns Peak cycles....
The director of Peak Bikes Limited has no previous relationship or involvement with Ubyk Limited or the directors or Ubyk Limited.
The massive loan that Ubyk Limited had, has not followed over to Peak Bikes Limited. Nor was the provider of the loan anything to do with Peak Bikes Limited.
There’s a lot coming out of the woodwork in the last few days that Peak Bikes Limited needs to take a view on. From a legal point of view, the issues are not their problem but they are going to do their utmost to work with customers where possible.
What’s your link to ubyk/peak bikes, pc89?
Peter Currey, the director, I presume?
Just introduce yourself. If you're going to be building a relationship with some of these customers and have no links to previous directors, then I can't see why you'd be getting flak from the outset.
Interesting that he refers to himself in the third person...
I may be one of the victims of this (currently understood to be) crooked business and their underhand, blatant thievery but... this is getting more entertaining by the minute! I’m kind of enjoying it, it’s like a really sh*t movie that I have paid £140 to see.
Who is this mysterious new director referring to himself in the third person? Gripping stuff!
Welcome to STW peter.
My first question to you is are you going to refund people that Ubyk have lied to and stolen money from?
If you are can I be the first in line?
Or are you going to be like Richard telling me what a bargain I've had even though I'd not received the £270 worth of stuff that I'd paid for...
If you want an example of how stock levels and ordering should be done look at Tredz. I had a part on preorder and despite it being obvious it was going to take 6 weeks on their site I still got an unexpected courtesy call asking if I was aware and still wanted it
LMFAO Tredz are well known for doing exactly the same thing, I had an order with them last month with a part "In Stock" only to get an unexpected courtesy email asking if I minded waiting until Jenuary. Did I ****.
Has peter realised what a mistake he has made !
Guessing PC89 is the same Peter Currey who was born in 1989 that owns Peak cycles….
Evening all,
Ok, so the previous input wasn't me personally but having watched this unfold for the past few hours and I think I need to step in.
My name is Pete Currey and I am the sole director of Peak Bikes Limited. We have taken over the Ubyk brand with a view to move it forward. The decision has been made to keep the brand (whether that changes following all that is coming to light, I don't know), and we will be known as Peak Bikes Limited t/a Ubyk.
Ubyk Limited has ceased trading and has entered in to liquidation. Ubyk Limited and Ubyk Limited's directors have no connection or relationship with myself or Peak Bikes Limited currently or previously.
We have been specifically instructed by the liquidation company that we cannot discuss individual cases with Ubyk Limited customers and as frustrating as that is, we need to oblige by that and allow them to do their job.
Our intentions are to move the brand forward and we have the backing of various suppliers. From what i can see at this side of the table is that we have a lot of work to do to regain trust, through no fault of our own, but we'll do what we can.
As previously mentioned, Peak Bikes email is sales@peakbikes.co.uk and I have access to this and will help where I can should you have any questions.
My background: I originally started my working life in a bike shop and worked my way up. I left and opened my own repair shop 12 years ago in Chesterfield called Peak Bikes. Other business interests started to bring in the bread and I had to follow these and the original Peak Bikes was handed over to a local guy. I'm now at a position in my career where I don't need to work within the main business and I've craved getting back in to the cycle industry for a while. I've been exploring various options for 12 months and Ubyk came across my desk a few weeks ago. We've took it on and we are where we are. We've got work to do and we'll do what we can to make this work.
Our intentions are to get Ubyk back to what is was supposed to be; A premium brand with premium service and not just a sole focus on turnover and big numbers.
I'm Spartacus.
I’m not an expert in branding, but the first thing I’d do is ditch the ubyk name and the negative reputation all this fiasco has brought
Best of luck, it won’t be an easy ride.
Well good luck to you peter but I really would like my £270 back...
Yep, good luck. I'm another one who is £270 out of pocket. Paid by PayPal but no idea if they'll get the money back to me or not. Not been in this position before.
STW just has the best threads ever.
Not meaning to belittle the plight of the people waiting on refunds by the way.... but this forum does surreal so well.
Ditch the UBYKunts name straight away. Tarnished forever by the criminal activities of directors and managers.
Good luck to you but sadly I cannot see that I could ever buy a single bottle cage bolt, from ubyk, regardless of ownership. Even if I get my money back!
Just out of interest, how long have you been the new owner? It appears you were promoting and sharing posts on your Facebook timeline in November?
As Tomhoward says, it's safe to say the Ubyk brand (even if operated by a new company) will be toxic due to customers and suppliers being burned - at "best" it'd be viewed as a phoenix business and there'd be mistrust from the outset as seen on this thread. That will impact everything from setting up new supplier accounts (probably forcing you to go proforma only, hurting cashflow), customer trust (it'll be nigh on impossible to get rid of all the negative reviews out there) and ultimately hamstringing the operation before it gets started. I saw this first hand in a previous role following an M&A run where due diligence wasn't done properly - the resultant skeletons started to come out of the closet weeks after acquisition.
Taking what you've said at face value, I'd say burn the Ubyk brand down to the ground, make use of whatever assets (bike builder tool etc - but check there's no back doors in the system given what we've seen of the old operation) there are and get a clean slate. Best of luck - it's not going to be an easy ride.
Poop I totally agree.
I've seen so many occasions where people have signed up to defend something without realising how people on here are able to dig through to the facts...
On the subject of refunds from Ubyk Limited....
Whilst I cannot comment on each case and have been specifically asked by the liquidator acting for Ubyk Limited not to discuss any thing previous to our involvement, I would suggest those affected to seek advise from their payment processing company
but I really would like my £270 back…
I'm guessing that's between you and the administrators an not peters duty to refund you.
Anything over £100 always gets paid by CC under that its PP, not sure if PP would refund but I'd go with their buyer protection assisting.
.
Seems a bit murky to me. Why ( especially if you have a track record in bike business) buy a bankrupt company with an appalling reputation rather than starting from scratch? smells very fishy to me
As bruneep says, refunds are not for Peak Bikes Limited to deal with. We will help and guide as much as possible but, as for actual refunds, that's for the liquidator of Ubyk Limited to deal with. Please do take individual advice from the payment system that you used.
Well now you put it like that I'm not at all pissed off that I've been skanked for my hard earned...
tjagain, we have not bought the business. We have bought the assets, website, branding etc.
The legal entity and business known as Ubyk Limited has not been purchased by us and is not under our control
I would suggest those affected to seek advise from their payment processing company...
Sounds like a big F U from where I'm sat.
For the people it affects...
What form of protection does PayPal offer in a scenario like this?
Dots it depend on if the funds were drawn from a credit card or a bank account??
Onzadog, you'll have to extend your thanks to Ubyk Limited and their directors.
What I would say, is please email sales@peakbikes.co.uk and we'll see how we can help if possible.
singlespeedstu, I don't expect you not to be pissed. I would be. Same applies as above
Amazing - given the recent threads about LBS closing, retail suffering, big online suppliers merging to gain market share in an economy of shrinking margins etc. There is someone out there who wants to start a bike shop. Not only that, but one with a terrible reputation to start with.
stevied, what more do you expect us to do? If we can help, we will go out of our way to do so. Aside from that, we didn't take your money, Ubyk Limited did.
I can understand and I can see why its coming across like that but we we're not in control of any of this and we've been left to deal with the aftermath
Just out of interest, how long have you been the new owner? It appears you were promoting and sharing posts on your Facebook timeline in Nov
Plot thickens? Or just a coincidence?
Ps. I didn’t buy anything thank god!
Trimix - start a bike shop and put bread on the table; yes
As for the reputation, so much shite is coming out the woodwork today than we may have to reconsider our strategy!
Peter.
If I don't get my money back I'll be calling in to your shop to see how you can help.
I find it much better to speak face to face.
russyh, I did share a few posts in November. That's just what you do with Facebook isn't it? I had got to know one of the directors and seen the company so just trying to promote I guess just like anyone does with a business they know.
Our take over was only effective from Friday afternoon
Sounds like a big F U from where I’m sat.
While I’m sure it’s not what those defrauded want to hear, that’s a little harsh IMO, he’s just bought the assets, not the business. He’s no more responsible for the debts of the old firm than anyone who bought stuff they actually had in stock.
The above is precisely why he shouldn’t keep the name
singlespeedstu, happy to discuss either way.
Are you able to email further details please? sales@peakbikes.co.uk
tomhoward, thanks for the input and hopefully your comment give clarity to our position. That said, I fully understand why people are pissed.
If I don’t get my money back I’ll be calling in to your shop to see how you can help.
I find it much better to speak face to face.
sounds very much a threat SS. 🤨
How did you pay?
Peter, my thanks for the shafting comment us a link to the Facebook page of the head shyster. It want aimed at you.
Anyone know how good PayPal actually are when it comes to the crunch?
Does it actually have any assets? Or is it just the brand value?
TBH though, I'm think I'm more likely to buy something from a company called Peak Bikes than one named after something with two stars and loads of hate on Trustpilot.
It's a bit like investing so you can keep this sign for your new fast food business.
I emailed my details several hours ago.... not heard anything yet. Im used to that now though.
i agree with tomhoward, regarding Peak bike not having any responsibility to us, if all is as Peter says but i am a little suspicious and distrustful. UBYK have broken my trust in the industry it seems.
sounds very much a threat SS.
Take it however you want.
I just find it so much easier to talk about this kind of stuff face to face.
You might not , but I do.
Peter.
I'm in your area on a regular basis so really would rather see how you could help out* face to face over a cup of coffee if I don't get refunded by Paypal.
*You did offer after all.
Does it actually have any assets? Or is it just the brand value?
I guess the website and all the background stuff? Maybe the shops? Fittings/workshop stuff if it hasn’t been pilfered?
Of course, we (well, I) don’t know how much he’s paid for all those assets.
All the people throwing threats and insults around, grow up. He’s not robbed you, he’s bought some shelves and a posh bike configurator.