Bike group's float runs into trouble

The flotation of Trialtir, the group backed by the athlete Carl Lewis (left) that has developed a revolutionary new mountain bike, has suffered a puncture. Plans to float on the Alternative Investment Market were launched by Mr Lewis, winner of nine Olympic gold medals, in a fanfare of publicity in August. Then the group said it planned to float within a month. Almost two months later ithas still failed to come to the market.

David Lewis, of the Lumley Lewis public relations firm which handled the float announcement, said yesterday he had only been employed on an ad hoc basis and had not heard from Trialtir since the launch. "I have no idea when they plan to float. You know as much as me."

Ray Harris, Trialtir's finance director, acknowledged there had been a "few hiccups". He said: "Things are still proceeding but we are behind schedule. There is nothing wrong with the business. We have just had some technical difficulties. There may be some more new developments in the next few weeks." He declined to put a new timetable on the flotation.

The group had hoped to raise pounds 1m by issuing new shares, valuing the company at pounds 8m. Cheviot Capital is organising the share placing.

- Andrew Yates

Photograph: Adrian Dennis