Thomas’s Cycle Revolution Ltd (TCR) - along with certain assets - has been bought up by Giant UK Ltd.

The deal safeguards the stores and the firm's 21 employees.

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Cycle Revolution in Colchester (Image: Google Maps)

The family-run business - which started in Ipswich - announced in February that it was "working towards an outcome that enables the business to continue trading" after filing a Notice of Intention to Appoint Administrators.

Second generation Darren Thomas headed up the family firm which has stores in Ipswich, Colchester and Norwich.

He said at the time they were "committed to supporting our customers and partners while working to protect the long-standing reputation of the business".

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Darren Thomas, who was a director at Thomas's Cycle Revolution (Image: Cycle Revolution)

Joint administrators Dominic Dumville and Henry Page of Mercer & Hole were appointed on March 23.

TCR sells bikes, cycling accessories, clothing and shoes and provides a highly regarded repair service.

Mr Dumville said the sale would result in a better return for creditors.

“The successful completion of this transaction has ensured a well-known family business continues to operate in East Anglia preserving 21 jobs throughout the region," he added.

Joint administrator Dominic Dumville of Mercer & Hole (Image: MARK SIMS)

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Giant UK managing director Ian Beasant said “These stores have long been an important part of the Giant UK network, so we’re very pleased to secure their future and build on the strong foundations already in place.

"We’re looking forward to working closely with the experienced teams on the ground and ensuring continuity for customers and local cycling communities across East Anglia.

"This represents a positive step for the business in the region, and we remain committed to supporting riders through quality products, expert service and a welcoming retail environment.”

Thomas's Cycle Revolution was launched in 1984 by Richard Thomas.

He opened the first Thomas's Raleigh Cycle Centre in Ipswich, stocking Raleigh - the biggest British cycle manufacturer at the time.

Richard - who was keen on bikes and took part in cyclo-cross - saw an opportunity to expand the family business after taking it over from his father after he retired by creating a toy department which incorporated a bike section.

He married bank worker Sue in 1975 and she joined the business.

Sons Paul and Darren Thomas grew up in the business and enjoyed success in cycling competitions.

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Cycle Revolution in Foxhall Road, Ipswich (Image: Google Maps)

The brothers took joint control of the business when in their 30s but Paul left the business in 2018 to pursue other challenges.

In 1988, the business - based at Foxhall Road, Ipswich - launched a second store in Ipswich and a new shop in Bury St Edmunds in response to high demand.

In 1993 Thomas's Raleigh Cycle Centre became a successful multi franchise company as it introduced newer manufacturing brands and was rebranded Thomas's Cycle Revolution.

In 1998 two stores moved to a bigger and purpose-built premises in Colchester.

But it outgrew its store in Colchester and in 2009 extended it to accommodate more brands of bikes.

In 2010, the Ipswich store was temporarily closed for a major refit including a new shop front, signage and rear warehousing facilities.

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In 2012 the Colchester business was expanded with the opening of a new high-end bike store called Cycle Evolution featuring exclusive high spec road bikes and a specialist Retül Bike Fit studio for maximising performance.

In 2013 the chain opened a new store in Chelmsford in partnership with leading bike manufacturer Specialized.

In 2017 it opened a Giant Brand Store in Norwich in partnership with Giant, offering a complete range of Giant and Liv bikes, accessories and an in-house PowerFit Studio.

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