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Cycling event organiser Hotchillee has announced that it will be entering liquidation in the coming weeks, citing financial difficulties in recent years as the largest contributor.
In a statement posted on the company’s website, founder Sven Thiele said: “Despite our best efforts, the combination of internal matters, ongoing financial challenges following Covid-19 and the Brexit referendum, without sufficient capital injection to continue trading, the director has sought for advice in dealing with the company’s affairs.
“After 20 extraordinary years, this is a devastating blow to all of us at Hotchillee, as well as to our loyal community and partners.”
As a result of this ongoing situation, all upcoming events are no longer able to be delivered, including the London-Paris Gravel 2024, Sri Lanka Gravel 2025, and Cape Rouleur 2025.
Hotchillee has formally instructed Ben Stanyon and Nedim Ailyan, of FRP Advisory Trading Limited, to assist in placing the company into liquidation in the coming weeks.
The proposed liquidators are expected to be in touch with creditors shortly to outline options and next steps.
Thiele continued: “We greatly value and appreciate our community, and we sincerely apologise for the abruptness of this announcement and the inconvenience it may cause.
“This is an incredibly difficult situation for everyone and your understanding and patience during this challenging time are greatly appreciated.”
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This statement brings to an end more than 20 years of business.
Founded in 2005 as “The Londres-Paris cycle Company” after Thiele and his friends completed their first London to Paris bike ride, it was renamed to Hotchillee in 2007.
The London-Paris proved extremely popular and the business went from strength to strength.
However, recent challenges in the cycling industry and the impact on the travel market from Covid and Brexit have left the directors with limited options.
