Bradley Wiggins has liquidated two companies with debts of over £1.2 million, or almost €1.4 million. One of the companies was linked to the Team Wiggins Continental team he started and rode for.
The Trinity Sports company set up by Irish cycling agent Andrew McQuaid is one of the firms listed as a creditor of one of the companies now wound up.
The details of the business liquidations, which were first detailed by Cycling Weekly, show that Wiggins Rights Ltd – a vehicle established to exploit Wiggins’s name – has gone into liquidation owing £654,657.
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A second company, New Team Cycling Ltd – a vehicle that
owned and ran the Team Wiggins Continental outfit – has also been wound up with
debts of £587,008.
Wiggins is believed to have put a lot of his own money
into the team, which he rode for after leaving Team Sky.
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He rode for the team while preparing for the hour record
and the Rio Olympics, where he won team pursuit gold with Team GB.
There are a number of creditors, people and firms owed money by the two companies, who may now not get that money as the companies were ‘limited’.
That means neither Wiggins nor anyone else involved in the companies can be held personally liable for the debts.
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The Wiggins Rights Ltd company was owned by Wiggins with
his wife Cath and his mother, though they appear to be very small shareholders
with just one per cent.
Accounts and other financial statements dated September state
the company expected to get back £600,695 from some £760,373 of director loans,
dating back some years, and it expected there to be shortfall of £53,962 in
paying creditors.
The ability of creditors to recoup money from New Team
Cycling Ltd, with its debts of £587,008, is not clear.
A firm called 101 Ride Ltd, which was the parent company
of the firm used to run Team Wiggins, is listed as a creditor of New Team
Cycling Ltd and is owed £366,000.
The British tax authorities, according to the financial
statements, are owed £57,344 while Trinity Sports is owed £81,621.
Bike brand Pinarello, which previously supplied bikes to
Team Wiggins, is owed almost £17,000.
A spokesman for Wiggins told Cycling Weekly the debts did
not impact on the solvency of Wiggins personally, adding he was still working
with the tax authorities.
News of the companies being liquidated follows a bankruptcy
petition in July brought against Wiggins by the UK tax authorities, which was
dismissed after a brief court hearing.
It was not stated in court how much was at the centre of the case but a petition for bankruptcy can be brought against a person for a debt as low as £5,000 in Britain.
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