Owner of custom bike specialists Spoon and WyndyMilla enters liquidation, after falling demand and rising costs put business in “impossible position”

British cycling company Spoon Group, the owner-operator of bespoke bike brands Spoon Customs and WyndyMilla, as well as custom paint business Gun Control, has entered liquidation, following extensive efforts to adapt to what the group’s owner described as the ongoing “challenging market conditions” affecting the bike industry in recent years.

At the start of 2020, Surrey-based bespoke steel bike brand Spoon Customs merged with fellow British custom bike specialist WyndyMilla, established in 2009 by Henry Furniss and Nasima Siddiqui, under the Spoon Group umbrella.

Spoon founder Andy Carr took over the new company as CEO during the reorganisation, which saw Spoon and WyndyMilla continue to operate as separate brands, while WyndyMilla’s in-house paint facility WM Paintworks was rebranded and repositioned as its own standalone business, Gun Control Custom Paint.

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But despite the company’s reputation for designing and producing high-quality, eye-catching handmade carbon and steel bikes, the turmoil affecting the cycling industry since the Covid pandemic led to a number of cost-saving measures in recent years, including closing its premises in the Surrey Hills and adopting a more streamlined operational model.

However, due to the increasing pressures placed on the business by falling demand, rising costs, and cash flow problems, this week Spoon Group announced that it has instructed FRP Advisory Trading to place the company into liquidation.

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“This is an incredibly sad day for everyone involved,” Spoon founder and director Andy Carr said in a statement.

“Spoon and its brands have earned loyal support over the years, becoming known for championing better fit and the highest standards of fabrication and finishing.

“Despite concerted and sustained efforts to adapt to challenging market conditions, the business has found itself in an impossible position.

“In a market where demand has dropped significantly and costs have risen, the decision to enter liquidation was necessary to address these challenges, though it is wholly regrettable. We remain committed to supporting the liquidation process during this difficult time.”

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He continued: “This decision will of course impact our customers. I deeply regret the challenges this situation may cause for everyone affected. We sincerely appreciate your understanding and patience as we work through this process.”

The news of the group’s liquidation comes over a year after Spoon Customs was forced to suspend its production of carbon bikes, including the award-winning Vars Disc, in a bid to manage the long wait times caused by what the company described as a “perfect storm of parts and supply chain issues”.

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Spoon Group’s collapse into liquidations also comes at the end of another turbulent year for the UK’s cycling industry.

Last month, British cyclewear manufacturer Endura – which in recent years had appeared to be weathering the storms devastating the cycling market more ably than most – posted a huge £14m loss, the brand’s first time in the red since 2019.

Meanwhile, fellow clothing manufacturer Rapha revealed that its losses had doubled to £22.7m, the brand's seventh consecutive year in the red. Evans Cycles also posted a £22.8m loss for the financial year ending April 2023, significantly worse than the £5.3m figure of the year before, prior to the purchase of the beleaguered Wiggle-Chain Reaction brand by its parent company Frasers Group.

In more positive news, however, November also saw British bike brand Orro saved from collapse following its acquisition by capital and investment company Baaj Capital LLP, a month after I-ride, the major UK cycling distributor behind Orro, entered administration after an investor pulled out of a deal at the last minute.

Last month a number of British bike manufacturers spoke out about the challenging times facing the industry.

“A lot of the industry is working to a ‘Survive until 25’ mantra,” Moulton’s technical director Dan Farrell said. “If we can get to the end of this year, we’ll be okay.”

Earlier this year, the Confederation of the European Bicycle Industry (CONEBI) also told the bike industry to “survive until 2025”, with their cycling market report forecasting that overstock issues “might be resolved” next year, while the market intelligence agency Mintel has also suggested that the industry is “on the road to recovery”.