Bicycle distributor 2X2 Worldwide is to appoint liquidators having held a meeting of creditors earlier this week.
With most segments of pedal-powered bicycle sales generally in decline at the present time (a trend confirmed within CI.N’s recent study of IBDs), 2X2’s exposure was particularly high with the distribution of the Land Rover and Montague brands.
As well as third-party brands, 2X2 Worldwide launched in 2012 house brand Roux, which pitched its product largely at value for money and cycle to work-friendly price points. This product was designed in house. The Warwickshire distributor has been trading since 2006.
In pursuit of where the industry seems to be making profit at present, an electric bike was recently added to the range.
Many in the trade have, in recent times, been questioning whether bike sales are profitable enough to justify the larger floor space occupied both on the shop floor and in storage for the multiple sizes and colours required to best serve a customer.
Creditors can now contact MB Insolvency on 01905 776 771 for further information. CI.N has reached out to the distributor for more information, but has as yet not heard back.
The news quickly follows a similar filing made by cycle to work business Free2Cycle, which came to market with a model that saw employers pay per mile that an employee cycled.