Business · Swindon
Swindon motorcycle retailer Two70 Motorcycles enters liquidation with £260k debts
By Swindon Now Editorial Team · Published
A Swindon motorcycle dealership has closed its doors after falling into liquidation with significant outstanding debts, including tens of thousands owed to the taxman.
A Swindon motorcycle retailer, J&M Electrobikes Ltd, which traded as Two70 Motorcycles from a unit at Rockhaven Park on Kembrey Street, has officially entered liquidation. The business, which had been operating since 2020, ceased trading following a decision by management to voluntarily wind up the company.
New filings at Companies House have revealed the extent of the firm's financial difficulties, with a statement of affairs showing a deficiency of more than £257,000. While the company recorded a book value for its assets of over £30,000, these are expected to realise just £7,762 for creditors.
The company's financial position was severely impacted by significant tax liabilities. Documents show that HM Revenue and Customs is owed more than £37,000 in unpaid VAT and PAYE contributions. Beyond these tax debts, the company leaves behind over £226,000 in unsecured creditor claims.
The list of those owed money includes several notable suppliers and lenders, as well as director-related loans. Among the largest creditors identified are:
Matthew Drew, through a director's loan account: £57,010.03
Stark Future SL: £54,699.37
Capital on Tap: £27,445.28
Live Wire: £28,125.66
Zero Motorcycles: £24,536.11
The business, which had built a profile with a 4.9-star rating from 43 reviews on Google, appears to have wound down operations throughout September. Social media activity related to the company indicates that an online sale was held to clear remaining stock before the premises on Kembrey Street finally closed its doors.
The liquidation process follows a challenging period for the firm, with the discrepancy between the book value of its remaining stock and the expected realisation value—estimated at just £1,000 for stock initially valued at £17,050—highlighting the scale of the financial pressure that ultimately led to the closure.
Source: Swindon Advertiser - Lifestyle · View original