Temple Cycles to close after 12 years, four years after £1.35m crowdfunding

Industry 3 sources · 2 days ago

Bristol steel bike brand Temple Cycles is closing its shop and ending bike manufacturing after 12 years. Founder Matt Mears told investors he does not expect to return the £1.35 million raised from over 1,200 investors in 2022, citing rising costs, Brexit export barriers and industry discounting.

What's new

• Temple Cycles is winding down its current business and closing its Bristol and London showrooms.
• Mears told investors he does not expect any of the £1.35 million crowdfunded in 2022 to be returned.
• The business will be scaled down to an online parts and accessories operation, with investors offered shares in the new company.
• Mears cited rising costs, Brexit export barriers, supply chain problems, weak consumer spending and heavy discounting as reasons.

Summarised by AI from the articles below; details and opinions are in the articles.

Sources

• Bristol bike brand Temple Cycles closes, four years after crowdfunding £1.35 million

  road.cc2 days ago
• Temple Cycles to close after 12 years in business

  Escape-Collective2 days ago
• "An exceptionally difficult time to run a bicycle business” – British brand Temple Cycles closes

  BikeRadar News2 days ago