JOBS are 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.
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 60,000sq ft headquarters at Centenary Link.
This story is from the March 30, 2023 edition of Manchester Evening News.
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This story is from the March 30, 2023 edition of Manchester Evening News.
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