A high-end cycling business has entered administration, with 42 jobs set to be lost. Saddleback, based in Yate near Bristol, has been supplying bikes, cycling accessories, and clothing to customers across the United Kingdom for 22 years. However, mounting financial pressures have forced the company to close after directors failed to sell the business.
Administrators appointed
Jonathan Dunn and Matt Whitchurch have been appointed as joint administrators. They stated that their immediate priority is supporting those employees who have been made redundant and helping them access financial support. Mr Dunn said: "Our immediate priority is supporting those employees who have been made redundant and helping them access financial support."
The cycling sector is facing ongoing challenges, and the administrators attributed the collapse of the company to increasingly difficult trading conditions. Saddleback's directors had explored various options to save the business, including attempting to find a buyer, but were ultimately unsuccessful.
Mr Dunn added: "Unfortunately, the business has faced increasingly difficult market conditions in recent years. Following failed efforts to secure a sale, the directors took the decision to place the company into administration."
Local reaction
Rob Bushill, from Really Useful Bikes in Yate, described the closure of the company 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, one of the largest independent cycling retailers in the region, appointed administrators on May 20. It 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.
