Cycle Revolution - a family company started in Ipswich in the 1980s which went on to launch shops in Colchester and Norwich - says it is working towards an outcome that enables the business to continue trading.

The notice gives companies breathing space - 10 working days - to sort out their finances while halting creditor action.

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Darren Thomas, director at Thomas's Cycle Revolution Ltd (Image: Cycle Revolution)

The legal move - filed at court - enables businesses to take positive action to save them from liquidation.

Cycle Revolution company director Darren Thomas said: "As you may have seen, a Notice of Intention to Appoint Administrators has been filed while we review the position and consider next steps.

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"This is a testing time for everyone across the company, and I fully appreciate the concern and questions this may raise.

"Operations are continuing as normal, and we........

© Norwich Evening News