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Wall-mounted bicycle storage firm Cycloc is to cease production, with its founder citing the impact of Brexit as one of the principal reasons for the decision.
The founder of bicycle storage company Cycloc has said that the impact of Brexit on his business led to a 25% drop in sales. / The company, which has designed custom wall-mounted storage solutions for customers including Mark Cavendish, has witnessed a £100,000 drop in revenues since new rules were put in place in January 2021.
Having made national press headlines in January in relation to its stance on Brexit and the associated costs to its business, Cycloc has today expanded upon the complaint, adding that it is becoming less viable to invest in its UK production given the new and enhanced hurdles it faces exporting its goods.
Cost of labour in Britain up by 30% since referendum, double rise in some EU countries, research finds.
Cycloc says ‘Kafkaesque’ rules have cost it £100,000 in latest tale of how EU exit is harming small firms.
The London-based wall-mounted bike storage manufacturer attracted 50% of its business from the EU pre-Brexit and has been left with a £100,000 hole in revenues. /