Bike manufacturer Raleigh records losses of £30m

Iconic bike manufacturer Raleigh has suffered losses of £30m, according to its accounts.

The firm - founded in Nottingham in 1887 and once the biggest bicycle maker in the world - confirmed a loss of £30.1m before tax in 2023 in its annual financial statement published on Tuesday - compared to losses of £6.8m in 2022.

Raleigh previously confirmed redundancies in Nottingham in 2024 following a review of the business at the end of 2023 and vacated its headquarters in Church Street, Eastwood, to move to new premises less than a mile away.

The firm has said "strategic changes" following the review had left the company in a "strong position" once the market returned to a more stable state, post-pandemic.

Raleigh's financial statement said the firm had 130 employees at the end of 2023, 33 fewer than in 2022. It employed about 8,000 people at its height.

Raleigh's Netherlands-based parent company Accell previously said the decision to cut jobs had been "very difficult".

The annual financial statement read: "The directors anticipate that the market place will continue to be very competitive during the coming year.

"Raleigh retains a solid competitive position with considerable brand strength, an independent bicycle dealer network and a strong presence on the high street."

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