Reports are coming in that Chain Reaction Cycles is aiming to cut around 300 jobs in Northern Ireland.

WiggleCRC is intending to concentrate its warehouse activities in Wolverhampton following the merger in February, meaning jobs may be lost in Doagh, Carrickfergus and Ballyclare.

A WiggleCRC statement said: “For WiggleCRC to retain its position and remain competitive in the UK as well as increasingly global markets, we have concluded that this can be best achieved by concentrating the majority of our distribution through our warehouse facility in Wolverhampton.

“This necessary step, will require the relocation of significant warehouse activities currently in Doagh, Carrickfergus and Ballyclare.

“WiggleCRC will retain a significant staff and management presence in Northern Ireland, with at least 275 unaffected employees forming a vital part of our ambitious growth plans.”

However the Belfast Telegraph seems to indicate that 152 staff and 161 agency roles could be at risk – more than half the Chain Reaction Cycles workforce. The company says it will still keep 275 jobs in Ireland including in management, IT and sales and has promised employees will be treated fairly and in line with their values. It will also continue building wheels in Ballycare.

John Campbell, BBC News NI Economics and Business Editor, said: “Major job losses at such a successful and respected company will shock many people. But in a very competitive market the new owners were never going to sentimental about Northern Ireland jobs.”