Vulpine, a British brand of urban cycling apparel, went into bankruptcy proceedings when it ran out of cash last month, but then it announced about three weeks later that it has been saved by Mango Bikes. The new investor is a bicycle maker from Gloucestershire. The apparel brand was established by Nick Hussey in 2012 and it raised twice the targeted sum of £500,000 (€567,734-$633,140) through a crowdfunding campaign. However, as reported by Bikebiz, Vulpine suffered a sales drop of 22 percent to £776,000 (€881,108-$982,782) for the year to April 2016, and its operating loss more than doubled to £603,000 (€684,667-$763,788). The downturn was blamed on shrinking wholesale turnover, which encouraged Vulpine to focus on its online business. The numbers appeared to improve earlier this year but Vulpine again turned to Crowdcube. Acknowledging issues with stock management, order fulfillment and customer relations, it aimed to raise another £750,000 (€851,561-$950,006). The campaign ended when it became clear the target would not be reached and Hussey informed investors on May 5 that he would have to call in the administrators. The apparel brand announced that all orders, refunds and exchanges are to be honored.

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