New Revolution Cycle Co
of New Street, Aston, Birmingham
1901 Advertising cycles.[1]
In 1904 The company offered a conventional model with a 2.5hp NRCC engine hung beneath the frame downtube. It also had belt drive and braced forks.
The following year they added a forecar, listed as the Revolette, using a Stevens water-cooled engine, two-speed gear and chain drive. The frame was built of channel steel and the engine was mounted in its own cradle.
New Revolution was a motorcycle produced in 1903. It was sometimes known as the Revolution.
The company offered a primitive machine powered by a 2.5hp engine fitted with a special carburettor. It was supposedly able to maintain power and run on an equal mixture of petrol and paraffin. Nothing became of the project.
NEW REVOLUTION CYCLE CO. AFFAIRS.[2]
Some remarkable revelations were made at a creditors' meeting held in Birmingham yesterday. It concerned the New Revolution Cycle Company Limited, and the cause of the failure was "differences between two directors."
According to the Official Receiver's observations, the company registered on the 6th August, 1901, to acquire the goodwill, trade marks, and patents of the Revolution Cycle Company Limited which was in liquidation, and to carry on business as cycle and motor manufacturers.
The promoters were Messrs. John Carter, William Henry Moore, William Clayton Lloyd and Charles Henry Herbert Mitchell.
Mr. Carter purchased a patent relating to improvements in velocipedes for £15 from the liquidator of the Revolution Cycle Company, and Mr. Moore gave 12s. 6d for the goodwill and trade name. The patent, goodwill and trade name were sold to the company for £1,100. Payable £7 in cash, 593 in ordinary shares. and £500 in debentures. No prospectus was issued.
The first directors were Messrs. John Carter, C. H. H. Mitchell. and William Henry Moore. At a meeting held on November 25, 1901, Mr. Moore was appointed manager at £250 per annum, and Messrs. W. C. Lloyd and C. H. H. Mitchell appointed to assist him. Mr. Lloyd was to receive £50 per annum, and Mr. Mitchell £25 per annum. Mr. Moore resigned his position as manager and director in November, 1901, and at a meeting of directors on the May 29, 1902, Mr. W. C. Lloyd was appointed in his place.
Particular attention was drawn to several remarkable paragraphs in the statement. From these it teemed that on March 10 of last year a bonus of no less than £2 per share, amounting to £1,000, was declared, and a dividend of 50 per percent.
"It will be noticed." said the Official Receiver, "that the bonus and dividend absorbed £1,350 of the £1,299 16s. 5d. surplus appearing by the balance sheet of September, 1903. leaving only £49 16s. 5d., and that is 5 per cent. only had been written off the goodwill and patents, estimated at £1,100, the company would have been insolvent."
In less then nine months after the declaration of the dividend Mr. Lloyd was of opinion the goodwill and patents were valueless.
By the minute book it appears that at a meeting of the directors on December 13, 1904. Mr. Mitchell was requested to resign as assistant manager, but he did not do so, At the same meeting Mr. Lloyd's remuneration was increased from £50 per annum to £1,000!
The deficiency is now set down at £3,584.
Mr. C. P. Type was appointed Liquidator, with a committee of inspection, and at a subsequent meeting of shareholders similar resolutions were adopted.