Cycling firm goes into administration as 42 jobs axed

A high-end cycling firm has gone into administration as 42 jobs have been axed.

Administrators for Saddleback, which is based in Yate near Bristol, said the company is closing due to financial pressures in the sector.

The firm has been supplying bikes, accessories and clothing across the UK for 22 years.

Jonathan Dunn and Matt Whitchurch, who have been appointed as joint administrators, said: "Our immediate priority is supporting those employees who have been made redundant and helping them access financial support."

Rob Bushill, from Really Useful Bikes in Yate, said it was a "real shame" the company had closed.

Dunn said the bike company's directors attempted to sell the business, but were unsuccessful.

"Unfortunately, the business has faced increasingly difficult market conditions in recent years," he added.

The directors subsequently took the decision to place the company into administration, Dunn added.

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