Beryl bike scheme celebrates 'robust growth' despite reporting £7.3m loss

THE company which runs Cornwall's rentable electric Beryl bike scheme has seen losses widen to more than £7.3 million.

- by WILLIAM TELFORD

London-based sports goods company Smidsy Ltd has reported growing revenues and remains confident about the future - but has announced another large loss seven months after it pulled its bikes out of St Austell, blaming lack of use.

It still runs bikes in Truro, Falmouth, Penzance, Newquay and Saltash, although across the Tamar, it has been accused of “abandoning” large areas of Plymouth by slashing the number of Beryl bike docking bays.

Smidsy, which trades as Beryl, has just published its annual report and financial statements for the year to the end of March 2024. The document, filed at Companies House, revealed an after-tax loss of £7,338,137.

In 2023 the company made a loss of £4,270,245 and in 2022 a loss of £4,262,442. It adds up to losses of nearly £16m in the three years and again no dividends have been paid.