The Canonmills branch of The Edinburgh Bicycle Cooperative closed last month.
Alan Nestor, the Managing Director, has now issued a statement to update customers on the current position at the bike sales and repair company.
In the 2024 accounts which are available, the business employed 74 people and had a turnover of £6.7 million to 30 November 2024. Assets are shown as £3.2 million but an operating loss of £760,727 is reported (up from more than £751,000 the year before.
He wrote: “The last few months have been hugely difficult for Edinburgh bicycle.
“Like many independent businesses we have faced enormous pressures from rising costs, a challenging economy, and a very difficult market.
“Despite everyone’s best efforts we reached a point where the business had to enter administration.
“That is incredibly hard to say. Many of us have been in the business many years. The management team have however worked extremely hard to put together an offer that means Edinburgh Bike can continue, saving jobs and keeping four of our stores open.
“Bruntsfield, Newcastle, Giant Store Edinburgh and Giant Store Stirling.
“We are open. We are trading. And we are here for you. Open customer orders are in those stores and customer deposits are with those orders. Gift vouchers are redeemable.
“I am heartbroken that more of our people and more of our locations could not come with us. There are fantastic colleagues and friends who have been part of Edinburgh Bicycle who will not be joining us on this next chapter and my thoughts are very much with them.
“Now we must look forward. We love bikes. We love our customers. We love our business. We are 100% focused on doing the very best we can continue to give our customers the service, expertise and experience that we have always believed in.
“To everyone who has supported us over the years thank you. To everyone who continues to support us thank you. To everyone who buys a bike, has a bike serviced, buys some kit, pops in for advice, recommends us to a friend or follows what we do, thank you.
“We hope we can rely on your support as we start this new chapter. We are nothing without you, thank you for being part of Edinburgh bike.
The shop is now empty, and customers are being redirected to other branches.
This is Scotland’s longest-running worker co-operative, originally established in Edinburgh in 1977 as a bicycle repair service by founders, Gerry, Chris, and Morag, but in the latest closures in Edinburgh and Aberdeen around 25 jobs are understood to have been lost.
The Aberdeen store has also closed, according to the Press and Journal, and the Leeds store closed last year.
There are other shops present within the city, with one on Alvanley Terrace, and they also operate the Giant Store on Hamilton Place. There are other branches in Stirling – which was only taken over a year ago – and Newcastle.
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