The Kirby in Ashfield factory will be closed on December 31st.
Jan Willem ten Dam of the Rigida Group said:
"Over the last year it has become more apparent that a large majority of the UK customers are contracting out their bicycle production to countries were lower wages are permitable, resulting in a large reduction within their own production levels.
"This has created a demise in the demand for UK produced rims to a level were we feel that the UK based factory can no longer sustain profitability."
Orders on the books right now will be dealt with Rigida UK; new orders will be dealt with by other companies within the Rigida Group.
Van Schothorst, the Netherlands-based parent company of the Rigida Group, will handle all UK commercial and marketing activities.
The sales manager for the UK will be Carl De Ruigh.
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