UK-based cycling distributor Saddleback has reportedly gone into administration, with all jobs at the company at risk.
According to a report by The Business Desk, the company has "filed a notice of intention to appoint administrators" two months after Cannondale left the company to return to a direct-to-dealer model.
Two sources inside Saddleback, which was founded in 2004, have stated to Cyclingnews that the company has gone into administration, with all staff made redundant as a result.
Staff were told the news on Friday, with The Times reporting that 42 people will lose their jobs as a result.
The Business Desk reports that the company expected to "move close to EBITDA break-even" after partnering with Cannondale. Saddleback had made pre-tax losses of £1.7m and £1.6m in the previous two years.
The loss of Cannondale in March is the company's second major loss of the year, with ENVE also departing in February after a 15-year partnership.
Cannondale's departure is said to have had a major effect on the company, which left Saddleback "exposed on the infrastructure and headcount it had taken on to support both brands", according to The Business Desk.
Saddleback, self-described as "the UK home of elite performance products", had also been distributing several other notable brands, including Castelli, Chris King, Rudy Project, Sidi, and Sportful.
