CONFIRMED: 2024 sees bike distributor administrations resume, affecting i-ride

UPDATED: Official word has now come through, confirming that i-ride owner The Martlet Group has gone into administration.

Reports indicate that the bike distributor administrations of 2023 have resumed in ’24, with i-ride going into administration.

While there’s little official confirmation yet of the unwelcome news, the number of sources and reports indicating the news is true are increasing.

i-ride has been a stalwart cycle industry distributor for years, previously trading under the Jim Walker name since the ‘90s. Companies House indicates that accounts for the Martlet Group – owner of i-ride and its in-house bike brand Orro – are overdue.

Further digging into the accounts (for 2022) may shed some light on the situation, stating that the Martlet Group was – at the time – in default of the terms of its borrowing in relation to loans and overdrafts and was – also at the time – in negotiation with its lenders and external finance providers to restructure its debt. Those facilities were due for renewal at the start of 2024 and it was noted that “it is unclear whether the negotiations will be successful… because of this, significant doubt exists about the ability of the Martlet Group Ltd to continue as a going concern”.

While those words are on record on Companies House, it’s unclear whether those borrowing challenges were resolved or whether they have contributed to the apparent administration of the company.

If the reports prove true, it’s likely that a contributor was the overstocks situation that the cycling industry has been plagued by in recent years, a key factor in a number of cycle retailer and bike distributor administrations. A hangover from the pandemic lockdown boom, too much stock throughout the sales channel has hurt margins throughout the supply chain.

While anecdotal evidence indicates the P&A side of the industry has significantly cleared overstocks, the bikes side of the industry continues to struggle with the issue. Industry pundits are reticent to promise any impending solution to the issue, hampered by almost perpetual sales where consumers can purchase cheap bikes, therefore posing a significant challenge for the industry to shift price points closer to previous levels – which is critical to regain safer operating margins.

i-ride’s future

At least two sites – Cycling Weekly and road.cc – are reporting that i-ride had a last minute investment pull out which led to the alleged administration, which appears to have seen staff leave the business out of pocket. However there are still hopes that i-ride’s future may be saved.

i-ride has been reached for comment.