An East Sussex company is at the centre of a fateful takeover deal which could spell the end of a world-famous firm.
Heathfield-based Lenark bought Nottingham engineering and bicycle parts firm Sturmey Archer for just £50 in June as part of a rescue package.
But the company has since failed to come up with the cash to revitalise the ailing operation, which led to its closure last week.
Three hundred workers were given ten minutes' notice to leave without redundancy settlements.
The Government now faces a £2.2 million bill for redundancies and notice payments Lenark cannot cover.
Creditors will decide whether to put the company into liquidation at a meeting in Birmingham on Monday.
A spokesman for insolvency practitioners Smith & Williamson, advising Sturmey Archer, said he believed Lenark had not invested any money.
He said Lenark would have needed to invest £3 million to ensure the firm's future.
No one at the company was available for comment.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article