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Business

BizHawk: Velo Pro Cyclery to Move Into Former Bicycle Bob’s Location

Venoco Inc. lays off 10 percent of its workforce, Mission Wealth Management relocates and buyer picks up Raytheon building

[BizHawk is published weekly, and includes items of interest to the business community. Share your business news, including employee announcements and personnel moves, by emailing [email protected]]

Velo Pro Cyclery will move out of its downtown State Street location in Santa Barbara to take over the former Bicycle Bob’s space at 15 Hitchcock Way.

The relocation from 633 State St. to the larger shop near Whole Foods should happen by late July or early August, according to Dylan Kuzenko, a store manager.

News of the move comes nearly five months after Velo Pro Cyclery consolidated its State Street shop, one that’s been open near the corner of Ortega Street for the past 20 years.

Bicycle Bob’s closed the Hitchcock Way shop earlier this year to make way for opening its expanded super store at 320 S. Kellogg Ave.

Velo Pro has another location in Goleta at 5887 Hollister Ave. that will not be affected.

Venoco Lays Off Administrative Employees

About 10 percent of the workforce at Venoco Inc. was laid off last week, mostly administrative jobs, with losses split equally between the Carpinteria and Denver offices.

Venoco cited a number of reasons for the layoffs in a statement, including the company reducing its activities in Monterey shale prospects to focus efforts primarily on its three largest fields.

The oil company also sold its Sacramento Basin assets in 2012 and used the sale proceeds to reduce a portion of debt related to Venoco’s “go private” efforts in October 2012.

“As a result, we reviewed our staffing to determine the size work force necessary to manage our concentrated efforts,” a Venoco spokesperson said in a statement. “Based on that review, we determined that a limited number of primarily administrative positions could be consolidated or eliminated. The employees of Venoco represent an extraordinarily talented group of individuals and it was difficult to say goodbye to any of them. However, we believed it was necessary to make some changes in order to better match our employee base with our current, smaller asset base.”

Mission Wealth Management Moves

Mission Wealth Management is relocating its Santa Barbara headquarters from 1123 Chapala St. to 1111 Chapala St. — just one building over.

The company will move on Friday into the entire third floor, doubling its square footage, increasing onsite parking, adding an electric charging station, and more.

All office phone numbers will remain the same, although a brief interruption in service could occur Friday as lines are switched over.

Raytheon Building Bought

An unnamed owner-user has purchased the Raytheon building at 1 S. Los Carneros Road in Goleta in an off-market deal.

Raytheon built and owned the 102,066 square foot office building located in the Campus Pointe complex until the company sold it in 1998.

Although the sale price was not disclosed, it is the highest value commercial sale to date in 2014 for the South Coast of Santa Barbara County and the highest value Goleta office property sale in eight years, according to Hayes Commercial Group.

In addition to Raytheon, building occupants have included Santa Barbara Bank & Trust/Union Bank, Allergan and Brown & Brown Insurance.

Active Life Scientific Taps New Board Member

Active Life Scientific, a medical technology company developing technology for measurement of tissue health, this week announced that internationally renowned patient advocacy leader and health policy expert Amye Leong has been appointed to the Company’s board of directors.

Leong joins Active Life’s board at a crucial time when patients, payers, and the population at large are increasingly challenged by the prevalence of bone and joint diseases, and the injuries that result. Developing effective, affordable and accessible health-care solutions will require the ability to understand and address the underlying issues at the individual patient level.

“Amye brings unique insights into health policy, particularly from a patient’s perspective. She understands, and can help us attain, true patient-empowered healthcare,” Active Life CEO Davis Brimer said in a statement. “We are extremely grateful for her commitment to Active Life and look forward to working together to increase stakeholder value by empowering people to live an active life.”

Noozhawk staff writer Gina Potthoff can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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