The London-based bike and e-bike subscription service, Buzzbike, will close this week – at least in part due to the collapse of its largest shareholder, Signa Sports United (SSU), the parent company of Wiggle. Subscribers are reportedly being offered the chance to purchase the brand’s bikes at an “extremely” discounted price.
Founded in 2016 by former Apple marketing executive Tom Hares and KPMG management consultant Andrew Nunn, Buzzbike set out to reduce the up-front cost and commitment of cycling by offering bikes, repairs and theft replacements on a subscription basis.
The brand initially offered a 3-speed city bike, but added an e-bike following investment from SSU in 2022.
The Buzzbike EZ is a 20kg urban belt-driven hybrid with a rear hub motor and 378Wh battery. It was available from £59.99 a month.
The bike’s development was a key element in SSU taking a stake and saw the firm become the platform’s exclusive bike supplier. However, in October 2023 SSU filed for insolvency after facing what it termed, "severe liquidity and profitability challenges."
Commenting on Buzzbike’s closure, Hares said: “It is with a heavy heart that Andy and I share the news of our business winding down. We are immensely proud of the role we have played in transforming the UK micromobility landscape, the innovative technology we have developed, the bikes and e-bikes we have designed, and the incredible partnerships we have forged.
“Most importantly the 20,000 members who have rediscovered their love for cycling through our service. We still believe that cycling can address many of the challenges facing our cities, but unfortunately, the difficult macroeconomic conditions and the collapse of our largest shareholder have made it impossible to continue.
“We would like to extend our heartfelt thanks to our amazing team, suppliers, shareholders, and members for their contributions throughout this remarkable journey.”
Buzzbike will close on November 15 but subscribers are being given the opportunity to buy their bikes at “an extremely discounted price”.
