We are happy to be able to announce good news from inside our own circles, where the activity behind the scenes for some time has aimed to secure the future of the company.

As of today, Pronghorn can now continue to design, produce and distribute customised Danish sports bikes at a very high level.

A customs case on Wednesday 24 April forced the former owner company behind Pronghorn to file for bankruptcy, however, fortunately the company is now back on track.

THE FUTURE

For all existing owners of Pronghorn bikes, this means security and certainty for all warranty periods and spare parts, as well as adherence to delivery times for all ordered bikes.

For all the many interested bike buyers out there, it also means that there is peace of mind with regard to the future of the manufacturer.

Pronghorn's name, logo, trademark, employees, webshop, showrooms and products etc. will continue as before.

The owners have decided to maintain all jobs in Denmark and continue Pronghorn's mission to develop customised Danish sports bikes at a very high level.

Pronghorn's showroom in Allerød is not included and will continue as before on a franchise basis.

BACKGROUND

Last week, a multimillion claim finally brought the former Pronghorn Bicycles company to its knees.

The former owner company has in recent years been fighting a battle behind the scenes, despite strong sales figures for several years.

The fight was caused by a claim from the Danish tax authorities, Skat, for payment of anti-dumping duties, where Skat demanded either retroactive payment or an equivalent guarantee during a court case that could drag on for several years.

Therefore, on Wednesday last week, the former owner company was forced to file for bankruptcy as it simply was not able to fulfil the requirements of the customs authorities.

It is important for Pronghorn to clarify that import duties have always been declared and paid on numbers for which Pronghorn has had an import license. However, the tax authorities have retroactively changed their position on which numbers should have been used, which has resulted in anti-dumping duties.

Pronghorn has not benefited financially from the customs numbers used and has always acted in good faith. 

Facts about the change of ownership in Pronghorn

1. What does it mean to you?

• Existing owners of Pronghorn bikes are not affected. Their warranty will be passed on to the new company.
• Bikes that are on order however, not yet delivered are also not affected.
• Purchases of spare parts unique to Pronghorn bikes are not affected.
• Pronghorn's staff remains the same.
• All suppliers have been given the opportunity to join the new company.
• The company behind Pronghorn's showroom in Allerød - Bike Dreams - is not affected by the case and continues as usual.
• The company's showroom in Horsens is of course open.

2. About the customs case:

• Pronghorn imports frames from China that are subject to a customs code.
• During a random check, the tax authorities found what they claim is an incorrect declaration of industry codes.
• The Danish tax authorities have submitted a claim for millions of euros based on retroactive payment of so-called anti-dumping duties.
• There has been no financial gain for Pronghorn associated with the declaration practice followed.
• Pronghorn has appealed the case, but must still provide financial security for the entire potential bill.

3. What has happened overall?

• The company Pronghorn Bikes has taken over the assets of Pronghorn Racing, following a bankruptcy petition.
• Pronghorn Bikes ensures the continuation of the activities of the Pronghorn bicycle brand in the future - including workplaces, showrooms, warranty, service, spare parts, products, etc.
• A new CEO has been appointed at Pronghorn Bikes.
• The new company is investing a large amount of money in the continuation of the company and securing operations.
• The change of ownership is due to the fact that the previous owner company was forced into a bankruptcy petition due to, among other things, providing security for a large claim in connection with a case regarding anti-dumping duties.
• This multi-million guarantee has knocked the bottom out of the company's finances and effectively forced the previous owners into bankruptcy.
• Pronghorn is now owned equally by two of the three previous owners.
• Oliver Dahl Peters, who became co-owner in spring 2023, increases his ownership share from 20% to 50% and joins as CEO, while Jan Henriksen continues as Chairman of the Board.
• Both are investing a considerable amount of millions in the new company.
• They agree that all options to save the former set-up behind Pronghorn have been explored in vain in recent months.