Omega Latest-est

TheTalkingTurboTrainer · October 2006

Mike,

As a chartered accountant, I an tell you what your position is. The company is in liquidation. You are therefore an unsecured creditor so at the bottom of the foodchain in terms of getting your money back.

The liquidators will have seized any and all stock that the company had and they will try and get rid of it to raise whatever money they can. (if they had any) Sadly, that money won't go to you, but to the secured and preferential creditors (banks with secured loans and the Inland Revenue) who are also out of pocket and sit higher up the food chain than you.

Your only option I can see is to speak to Jim and try and get some sort of deal through him which he is offering to those who are out of pocket ..... well that is the rumour that is being floated anyway.

I'm sorry that it's not what you wanted to hear, but that is he situation from the legal and liquidation stand point.

I really feel for you and the other guys in your situation, it truly truly sucks. Find out who the liquidators are and speak to them directly. There should be a creditors meeting so you should go. Maybe see if there are any bikes to be sold and see if you can pick one up cheaply that way? The liquidator doesn't want them, he wants cash so you may get it cheaply. Having said that, I doubt Omega had any stock that could be sold.

What I don't understand is how did Jim/Enigma get the bikes so fast? The only answer I can come up with is that the manufacturer was withholding them in lieu of payment from Mark/Omega. Jim/Enigma then came along, stumped up the cash owed to the manufacturer who released them to him and he stuck the Enigma logos on them.

The only place success comes before work, is in the dictionary

tstegers · October 2006

Am I alone in finding this Talking Turbo "bloke's" posts to this thread patronising? The faux sympathy, the apparently considered/informed opinions... Certainly none of the posts to any of the joynted/omega/reilly/enigma threads I read asked for any sympathy. Mine certainly did not. 4T's, please spend more time talking to your turbo and less time offering banal opinions on Omega bikes. If you want to give us some information we would be interested in please look up the official reasons Joynt nee Reilly gave to the receivers for the collapse of his business. This should be easy for you being an accountant. They are in the public domain are they not?

It also seems to be generally accepted that Omega bought their frames in, ie Joynt nee Reilly did not build them. He claimed he was going to build mine but I had the distinct impression he was trying to sell me a stock size and was not going to deliver the frame I ordered. He was very resistant over my preferred length of top tube, 61cm with a 12 or 13cm stem. From memory he wanted to sell me a frame with a 57 or 58cm top tube. Did anyone else who dealt with him have the impression he was trying to fit you to a frame a factory was producing rather than something bespoke?

Theo Stegers

Birillo · October 2006

Am I alone in finding this Talking Turbo "bloke's" posts to this thread patronising?

Patronising? No.

TheTalkingTurboTrainer · October 2006

Theo,

You make me laugh, you really do. A lot of your comments (esp previous ones) seem to be ill thought out and make no sense whatsoever (the caveat emptor comment made me burst out laughing).

How was I being patronising? Mike was wanting to know what his options were and so I explained what they were in a liquidation situation.

As for the 'official reason' ... how about "no cash to pay creditors" that's a pretty common reason.

If you do want me to patronise you though how about me telling that it'd be the liquidators that were called in, not the receivers .... there is a difference. That's no important though, I just said it to patronise you.

The only place success comes before work, is in the dictionary

mikeyfastlegs · October 2006

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Yodas Dad

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Gran E. Gear

'...every Enigma has been fashioned to imbue prodigous [sic] power transfer and sublime comfort, every detail tweaked to reach cycling nirvana.'

FFS [V]

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Top_Bhoy

I wonder if they'll get the custom frame which they ordered [:D]

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by AngryNortherner

Here are the pictures of the new Enigma bikes...

http://www.roadcyclinguk.com/news/artic ... 03/v/1/sp/

<hr height="1" noshade id="quote"></blockquote id="quote">
<hr height="1" noshade id="quote"></blockquote id="quote">
<hr height="1" noshade id="quote"></blockquote id="quote">

It did cross my mind to email the author to ask if he knew that there was nothing 'new' about these bikes.<hr height="1" noshade id="quote"></blockquote id="quote">
Then I had a re-think because as I've preached before, it's a new company so let's not drag Jim down the same path as Omega so I did. Rather, give it a chance and let it flourish. That way others like AngryNortherner may get their Alchemy (or whatever it's called now) and be a little happier.

I had a good look at the bikes at the London show and there are considerable changes to the old "omega" models. The Enigmas have butted tubes on certain models, profiled seat stays and the finnish is much improved. I just wish I had some spare cash to buy one.

JimWalker · October 2006

Enigma Titanium Ltd

Having just returned from the London Cycle Show at the Excel Centre in London where rumours were rife and also having read the comments on the Cycling Plus forum, I feel it is right that I put the record straight about my new company.

Enigma Titanium Ltd is a new company incorporated on the 13th September 2006. I am the sole Director of the company. Enigma Titanium Ltd has no connection with Omega Cycleworks whatsoever, nor does Enigma have any association with Jim Walker and Company Ltd.

Although I have no need to explain my reasons for forming my new company, it may help to quell the fires and put paid to some of the written nonsense concerning the apparent collapse of Omega.

Your readers may be aware that for over 20 years I have operated a successful lightweight cycle component distribution company which is highly regarded in the cycle trade both here and abroad. By way of a management buy-out my shares in Jim Walker and Company Ltd have been sold and I am no longer a director of the company.

Considering myself far too young to retire, I have been planning my new venture for some time. This has largely been fuelled by my passion for beautiful bicycles and also for Titanium, which I consider to be the most amazing but misunderstood material (hence the name "Enigma") for bicycle frame construction. I want to build the best bikes in the world, designed in Britain. We have certainly improved on the Omega products in design, specification and build quality.

It would be true to say that I was aware of the difficulties being experienced by Omega and that I had planned to adopt a similar formula with Enigma but with the important addition of sound management and solid financial investment which would have given my company a significant advantage. I considered it likely that disgruntled Omega customers who loved the Omega brand would switch their loyalty to Enigma if we offered a technically superior product and could deliver. A bit harsh perhaps, but a sound business strategy.

Realising the pretty dire position of Omega, I also offered Mark Reilly, Omega's founder and designer, a job with the Enigma Company. It made sense in so many ways to have a talent like Mark on board. Mark is arguably the finest frame builder and designer in the UK today and his role in the new company will be in this capacity. Mark is an employee of the new company, he is not a director, he has no shares or financial stake and he had no part in the establishment of Enigma.

The new company has therefore no financial obligation to Omega customers at all. However, because we now employ the key-man of the failed Omega Company I feel that we have a moral obligation to all Omega customers who have frames or bikes outstanding with deposits paid. This moral obligation I intend my company to fulfil. This will be dependant on the circumstances of each individual and I therefore suggest that anyone in this situation contacts us via e-mail to sales@enigmabikes.com. We will do everything we can to help.

Jim Walker
Enigma Titanium Ltd

Unknown · October 2006

As above, if you have any issues that you think need to be resolved, please contact sales@enigmabikes.com

Omega Latest-est

Comments

Categories