The iconic wheel brand Mavic has been saved from closure, but will not be taken over by Bernard Hinault.
Mavic has been battling through financial difficulty and was placed into receivership earlier this year, as a buyer was needed to secure its future.
But on Tuesday (July 21), a court in Grenoble in the south of France ruled that Mavic would be taken over by the Bourrelier Group, a French family holding company, France Bleu reports.
The takeover means Mavic will keep 105 out of the 210 staff it currently employs, as well as its research and development facility, and its production site.
Bourellier, which owns French DIY chain Bricorama, said its plans to focus on the aluminium and carbon rim, hub and wheel aspects of the Mavic business.
Mavic, founded in 1889, is best known for its wheels but has also expanded into shoes and clothing over the years.
In a statement, the new owner said: “Mavic must rediscover the dimension of a family SME with agile governance and short and autonomous decision-making circuits that it has lacked in recent years, and with a refocus on what has made the success of the brand.”
Mavic has had a longstanding relationship with the Tour de France lasting 40 years, offering neutral service to riders from the famous yellow support vehicles.
Last month Bernard Hinault, five-time winner of the Tour de France, was one member of a group offering financial support to Mavic.
Hinault said: “It is a brand that has accompanied me all my career. Mavic is inseparable from cycling. They were always at the service of the riders in trouble, and now it’s my turn to put myself at the service of Mavic’s men and women.”
But Mavic’s future now lies with Bourrelier, which says it is “committed to the long-term redeployment of a French industrial company of international renown.”