Future of Parlee Cycles secured after takeover

After a period of uncertainty, Parlee Cycles has been taken over by John Harrison, securing the long-term future and starting a new era for the company.

Harrison has acquired 100% of the assets and will assume the role of president and CEO of the company which will now operate under a new name, Parlee Composites, Inc.

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The takeover comes after a long period of restructuring, initiated when the company filed for Chapter 11 bankruptcy in the American state of Massachusetts in February of 2023, as reported by Cycling Weekly. Chapter 11 bankruptcy allows a company to propose a plan of reorganisation in order to keep it afloat, while also giving scope to pay off creditors over time.

Harrison’s acquisition “signals the end of our restructuring process and ensures the longevity of our renowned brand,” Parlee said in a press release.

“There are many thousands of Parlee fans around the world and I am delighted to be able to shepherd the organisation into this new era and continue to deliver products that delight our customers,” Harrison said in the announcement.

“The scope of our plan is audacious. We’re simultaneously expanding the business and working on some truly amazing new projects that we’ll be excited to announce in 2024 and 2025.”

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Founded in 2000, the American company has become a market-leading manufacturer of custom carbon frames, while also offering a selection of stock bikes. Throughout that time it has been led by founder Bob Parlee who is the brains behind most of the brand’s designs, many of which have won awards.

Parlee will remain with the company on the executive team as chief designer and the American brand has also confirmed that existing team members will transition across to Parlee Composites, which “expects to begin hiring almost immediately to support the growth anticipated in 2024”.

“We’re delighted to work with John,” Parlee said about the takeover. “He has an enormous depth of experience in sustainably scaling small businesses. He’s already been engaged with the team at Parlee and is quickly making a positive impact to our operating effectiveness”.

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