Planet X has made almost half of its staff redundant, reports BikeBiz.

Brexit has been blamed for the cuts to the Yorkshire based company that employs 118 people. However, the article paints a picture of a company that has been struggling since before the June referendum.

The article states: “Its last accounts show an annual turnover of £18.3 million, and profit of £109,689. In 2015 the company made a loss of £86,594 on a turnover of £20 million.” Planet X also closed its loss making American operation in January and has lost 24 staff since 2015.

It’s unclear why Brexit is being blamed but it is likely to be due to the falling value of the pound.

Whether or not Brexit is the cause of the job losses, times are clearly tough in the bike industry as 300 at Chain Reaction Cycles lost their jobs last week, our thoughts go out to those affected. Around the referendum we spoke to a number of key figures in the British bike industry about how it would affect them, you can read that here. Read Bike Biz’s full story here.