A BUSINESS in Redditch making bicycle components is closing its doors, with the loss of 18 jobs.
Greyville Enterprises, based on the Moons Moat North Industrial Estate, manufactures bicycle components, accessories and maintenance products and supplies more than 1,000 retail and online shops across the UK.
The company turned over £3.4million in the 2024 calendar year with losses after tax of £216,000, compared with revenues of £2.8million and profit after tax of £34,000 in the previous 12 months.
The roots of Greyville Enterprises date back to the 1970s when the company represented UK manufacturers of bicycle components in Denmark and the Netherlands.
Later, with the British manufacturing base in decline, it pivoted to focus on importing products to supply the UK cycle trade.
Steven Wiseglass, a director at Manchester-based Inquesta Corporate Recovery and Insolvency, and Paul Ellison, of KRE Corporate Recovery, have been appointed joint administrators of Greyville Enterprises and are seeking a buyer for the business.
Steve said: “Unfortunately, the business was unable to cover its debt liabilities and has therefore been placed in administration.
“A number of employees were made redundant before our appointment and regrettably we have terminated the employment of the remaining four members of staff.
“We expect strong interest from prospective buyers given the network of the company’s customer base and brand equity.”
