Dozens of jobs will go
File photo: The firm has been supplying bikes, accessories and clothing for 22 years(Image: Getty)
A premium cycling retailer has gone into administration, resulting in 42 jobs being lost.
Saddleback, based in Yate near Bristol, announced the company is to close following increasing financial pressures after 22 years of trading.
The business sold bikes, cycling accessories and clothing to customers throughout the UK, but bosses had to appoint administrators after unsuccessful attempts to sell the business.
Jonathan Dunn and Matt Whitchurch have been named as joint administrators. They confirmed the immediate focus was on helping staff hit by the closure, reports the Mirror.
Mr Dunn said: “Our immediate priority is supporting those employees who have been made redundant and helping them access financial support.”
Saddleback, based in Yate near Bristol, has gone into administration
The cycling sector is facing ongoing challenges, and administrators said increasingly difficult trading conditions were to blame for the company’s collapse.
Saddleback’s directors had explored options to save the business, including seeking a buyer, but were ultimately unsuccessful, Mr Dunn said.
He added: “Unfortunately, the business has faced increasingly difficult market conditions in recent years.”
Following failed efforts to secure a sale, the directors made the decision to place the company into administration.
Rob Bushill, from Really Useful Bikes in Yate, described the company’s closure as a “real shame”.
Saddleback had built a reputation as a supplier of premium cycling products throughout the UK, operating from its base in Yate for more than two decades.
Last month, Norfolk-based retailer Pedal Revolution entered administration after more than 25 years in business.
The family-run company, which is one of the largest independent cycling retailers in the region, appointed administrators on May 20.
The firm sells bikes, accessories, servicing and repairs from its Norwich base and online.
Insolvency specialists Parker Andrews said the business would continue trading while a buyer is sought.