Bike rental service Spinlister has announced its closure through a message on the brand’s website.
CEO Marcelo Loureiro cited lack of suitable investors as the key contributing factor to the closure. The board of investors made the decision to officially close down on April 22.
The company, which has been trading for five years, will continue to honor all rental agreements for the next month, with all orders beyond this point facing cancellation with full refund.
"It is not a happy moment for us, but know we did everything we could to keep Spinlister a thriving community for users to safely rent bikes all over the world," commented Loureiro."We are glad that we always had a great and supportive community that shared our love for adventure - renting bikes, surfboards and snowboards wherever they traveled.
"I hope you all keep riding, staying active, and meeting amazing people on the way. I know the rider spirit will live on through you all," he concluded.
The site enjoyed early success post launch, with key locations including London, Portland, Amsterdam and San Francisco, as well as New York City and Los Angeles taking up the service. It also dealt in surf and snowboard hire.