A high-end cycling business has entered administration with 42 jobs set to be lost.
Saddleback, based in Yate near Bristol, said the company is to close due to mounting financial pressures after 22 years in business.
The firm sold bikes, cycling accessories and clothing to customers across the UK but bosses had to call in administrators after failing to sell the business.
Jonathan Dunn and Matt Whitchurch have been appointed as joint administrators. They said the focus now was on helping staff hit by the closure.
Mr Dunn said: “Our immediate priority is supporting those employees who have been made redundant and helping them access financial support.”
View 2 ImagesSaddleback, based in Yate near Bristol, has gone into administration
The cycling sector is facing ongoing challenges and the administrators said increasingly difficult trading conditions were to blame for the collapse of the company.
Saddleback’s directors had explored options to save the business, including attempting to find a buyer, but were ultimately unsuccessful, Mr Dunn said.
He added: “Unfortunately, the business has faced increasingly difficult market conditions in recent years.”
Following failed efforts to secure a sale, the directors took the decision to place the company into administration.
Rob Bushill, from Really Useful Bikes in Yate, describing the closure of the company as a “real shame”.
Saddleback had built a reputation as a supplier of premium cycling products throughout the UK, operating from its base in Yate for more than two decades.
Last month Norfolk-based retailer Pedal Revolution entered administration after more than 25 years in business.
The family-run company, which is one of the largest independent cycling retailers in the region, appointed administrators on May 20.
The firm sells bikes, accessories, servicing and repairs from its Norwich base and online.
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Insolvency specialists Parker Andrews said the business would continue trading while a buyer is sought.