Jobs 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.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.