BikeBiz Bicycle and cycling retail news
Online cycling retailer ProBikeKit (PBK) is set to close, according to multiple reports including from Business Live.
The news comes after parent company THG announced the discontinuation of OnDemand, one of its lifestyle divisions that PBK was a part of.
In January, THG confirmed it was reviewing “loss-making categories and territories within the THG OnDemand division”, which has resulted in 180 jobs being put at risk in Greater Manchester.
A THG spokesperson said: “Following a strategic review of our OnDemand division, as announced in THG’s trading update of January 17 2023, we can confirm that we are proposing to discontinue operations in the OnDemand division across all sites. We are currently consulting with impacted colleagues and will take steps to minimise the number of redundancies.
“We are also consulting with certain colleagues in THG Studios where, following the closure of OnDemand, we expect associated workflow to reduce proportionately. THG is committed to supporting all affected colleagues and, where possible, we will endeavour to find colleagues alternate roles within the wider THG Group.”
PBK was founded in the 1990s and was purchased by THG in 2013, adding the company to its OnDemand portfolio with brands like Myprotein.
The retailer produces and sells cycling accessories, components and clothing across multiple disciplines to more than 50 countries worldwide, and is now running a 70% off warehouse clearance on its website.
Read more: Tredz to stock full range of Santa Cruz mountain, gravel and road bikes
PBK appears to be the latest casualty in a tough time for the cycling industry and comes after news of Moore Large’s administration, which was confirmed last month.
Following the boom the industry received during the peak of the Covid-19 pandemic, brands, distributor and retailers are now seeing a drop in demand
In February, the Bicycle Association (BA) reported that bike sales in 2022 had dipped to lowest levels in two decades.
According to BA research, the sales of mechanical bikes fell by 22%, to an estimated 1.8 million units, in 2022 – 27% below pre-Covid levels in 2019.
Kids bikes also tailed off, falling 28% below 2019 numbers to an estimated 700,000 units across the UK, while e-bikes remain stable but have plateaued since 2020.
