British bicycle brand and online retailer Planet X is going into receivership, according to documents filed last week with Companies House and the High Court.

As reported by Cycling Weekly, the first public notice, dated June 6, was posted on the Companies House website. According to the notice, the Yorkshire-based brand will be deregistered and dissolved within two months "unless reasons to the contrary are shown."

Five days earlier, on June 1, a notice of intent to appoint a receiver filed with the Superior Court was revealed.

This came just six months after the company announced a profitable fiscal year 2021/22.

Planet X, which has its roots in Sheffield, is known for its in-house design and production of Pro Carbon and EC-130E road bikes and gravel bikes like the Tempest and Hurricane. It also manufactures the On One and Holdsworth brands and sells a variety of cycling products through its e-commerce site.

According to the company's group results released on December 24, 2022, Planet X achieved sales of nearly 17 million pounds for the fiscal year ending March 29, 2022, down from 19.1 million pounds the previous year.

Income before taxes fell from 1.8 million pounds to 1.1 million pounds. The report stated that sales growth "normalized" after a strong performance during the COVID-19 pandemic, but that UK demand declined at a slower pace than overseas, with the domestic market accounting for 87% of sales, up from 80%.

The report attributed the decline in sales in the EU to the impact of Brexit, and cited inventory disruptions and longer lead times as additional factors affecting the industry as a whole.

Notably, to mitigate possible future supply chain disruptions, the report states that the company has "developed a strategy to hold more inventory to minimize the impact of possible future supply chain disruptions."

The news comes as the latest in a series of problems facing the UK bicycle industry, most notably the collapse of distributor Moore Large, which has resulted in more than 35,000 bicycles being auctioned online, and more recently, the collapse of the same distributor, 2Pure, also went into bankruptcy.

Elsewhere in the world, Shimano's annual outlook is negative, and employee layoffs have been a common theme throughout the past 18 months.

Cyclingnews reached out to Planet X for comment.