Cycloc has announced that it will cease manufacturing and close its UK warehouse.
According to the owners, the past few years of trading have been “extremely challenging” for the business, and the decision has been taken to wind down operations once all remaining stock has been sold.
Andrew Lang, company founder, said in a statement: “This was an incredibly difficult decision to make, particularly as we have a development pipeline of new products, but it was personally important to me to wind operations down whilst the company is still solvent and without owing creditors.
“I’m having to press pause for now to take some time away and evaluate what form Cycloc might be able to take in the future.”
Despite this challenging decision, Cycloc has reassured its customers and business stakeholders that both UK and US websites will remain operational until all remaining stock is sold.
Cycloc customer support lines will also continue to be actively maintained.
Lang added: “We would like to take this opportunity to thank our dedicated staff, loyal customers, and our industry partners all of whom have been a part of quite a remarkable journey. We really appreciate the support received over the years.”
The brand has been an innovator in design-led bicycle storage solutions since it launched its first product in 2006.
Since then, Cycloc has created a family of award-winning products that allow people to integrate cycling into their homes and workplaces.
In an interview with the Guardian earlier this year, Lang had said that the impact of Brexit on his business had led to a 25% drop in sales – around £100,000 in revenue.
Prior to Brexit, Cycloc had been selling 10,000 units in the EU with annual turnover hitting £450,000.
With the entirely self-funded business manufacturing its products in the UK, Lang felt that government support had been insufficient in helping Cycloc continue to trade on the continent.