How the great cycling boom collapsed

In the wake of Sir Bradley Wiggins’ Tour de France victory the previous year, and Britain’s astonishing cycling medal haul at the 2008 and 2012 Olympics, it seemed like cycling had the nation at its feet.

However, accounts published by Rapha last month revealed pre-tax losses of £22 million, almost double the £12 million loss recorded in 2022-23. The brand, which is owned by the heirs to the Walmart fortune, also said the number of members in its cycling club fell from 22,000 to 18,000. It cited “the backdrop of an ongoing turbulent and competitive post-pandemic cycling sector, as well as decreased consumer confidence in several key markets” by way of explanation.

Even Britain’s largest cycling retailer, Evans Cycles, announced a £23 million loss for 2023, increasing from £5 million the year before. But the most remarkable financial roller coaster has been experienced by Peloton, whose former CEO and founder John Foley revealed in August that he had “lost all [his] money”. “I’ve had to sell almost everything in my life,” he said. The company was valued at £32 billion in January 2021, but this has plummeted to £2.2 billion.

Wright, who runs a health and beauty business, says: “I’d always been interested in spin classes at the gym, and then I thought it might be easier if I got my own spin bike and just do it from home.

“So it was a Black Friday weekend after a couple of glasses of wine – I’d had an email come through with a Black Friday offer on Peloton and that was it. Click the button. The next thing, it is being delivered.