Manchester bike brand to cut jobs and leave HQ after 'huge erosion' in demand
manchestereveningnews.co.ukJobs are set to be lost at a Manchester-based push bike brand after racking up losses of almost £4m. Insync Bikes is also planning to leave its headquarters, which it only moved into last year.
The company has outlined restructure plans after saying the UK market suffered a 'huge erosion' of demand in 2022. It is also seeking a £3m cash injection from its Indian parent company Hero Cycles by no later than the end of March next year. READ MORE: Click here to sign up to the BusinessLive North West newsletter According to its newly-filed accounts with Companies House, the business made a pre-tax loss of £3.7m for the 12 months to March 31, 2022, compared to a loss of £769,822 in the prior year.
The Trafford Park firm also made a pre-tax loss of £4m in the year to March 2020 and last made a profit in the year to January 31, 2015.
The figures come after the company, in May 2022, outlined plans to double its UK market share to 20% by 2024 after it relocated to a new 60,000 sq ft headquarters at Centenary Link.
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