Edinburgh Bicycle Co-operative – Scotland’s longest-established worker co-op – says it will enter “a new chapter” after financial pressures forced it to close several branches and enter administration.
In a Facebook post, managing director Alan Nestor said: “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 have reached a point where the business had to enter administration.”
In its most recent accounts, for the year to 30 November, 2024, turnover dropped from £7.14m to £6.8m, wtith an operating loss of about £761,000.
Nestor said the management team have “worked extremely hard” on a survival plan, and has kept four stores open – Bruntsfield, Newcastle, Giant Store Edinburgh and Giant Store Stirling.
Open customer orders and deposits are held in those stores, and gift vouchers are redeemable, he added.
But the stores in Canonmills and Aberdeen have closed, with around 25 jobs lost across the two stores, head office and warehouse.
“I am heartbroken that more of our people and more of our locations could not come with us,” wrote Nestor. “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.”
Looking forward, Nestor said the co-op is “100% focused on doing the very best we can to continue to give our customers the service, expertise and experience that we have always believed in.”
Founded in 1977 as a bicycle repair shop, the co-op grew to be a leading bicycle retailer, selling its own Revolution self-branded products alongside leading brands Specialized, Whyte, Brompton, Genesis, Kalkhoff, Frog and Giant.
The co-op previously hit trouble in 2016, citing Brexit pressures as it closed its Manchester store, but in 2023 expanded to its third Edinburgh store.
Co-op News has contacted the Edinburgh Bicycle Co-op for comment.
