The Managing Director of well-known British folding bike brand, Brompton, Will Butler-Adams, has said the industry "shot itself in the foot," during the COVID-19 pandemic, and cited increased competition from hire bikes and cheaper Chinese competitors, as the brand's profits crashed by over 99% last year.
In the Companies' Accounts filed at Companies House, and published late December, it was revealed that the company's profits fell from £10,680,953 to just £4,602 for the 12 months ending March 31, 2024.
