David Millar's cycling clothing brand CHPT3 has entered liquidation and ceased trading with immediate effect.
A statement released on the company's website confirmed the situation, saying that CHPT3 has "ceased to trade" while noting that their creditors will be contacted by insolvency practitioners Wilson Field Limited.
"The Directors of CHPT3 Limited have instructed Wilson Field Limited to assist in the formalities of a Creditors Voluntary Liquidation," the statement read.
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"The Company has now ceased to trade. Creditors will be contacted by Wilson Field Limited in due course. Any queries can be directed to Wilson Field Limited who can be contacted on +44 (0) 114 2352 6780."
The brand was launched in 2015 following Millar's retirement from pro cycling at the end of a 15-year career. His accomplishments on the bike included stage wins at every major Grand Tour, and he was noted to be the only British rider to have worn all Tour de France classification jerseys.
News of the company's liquidation came just over three months after CHPT3 launched a £195 cycling 'trainer-style' shoe named the Transit.
CHPT3 is the latest cycling clothing brand to experience financial difficulty in recent years. In October, Rapha posted a £21 million operational loss, making 2023 the seventh loss-making year in a row for the brand.
In November, Scottish brand Endura posted a £14 million loss, while elsewhere Evans Cycles recently posted a £23 million loss. In contrast, the administrators of Wiggle reported that the company made a £10 million profit during its administration period before it was bought by Frasers Group.
