The saga continues for the financial trouble at Knolly Bikes. Assets belonging to the North Vancouver brand are bieng auctioned off through Maynards Industries.
There has been no official word from Knolly’s founder Noel Buckley since his message back in March about “evaluating all restructuring options.” He was optimistic throughout that message.
“This is not an obituary,” Buckley wrote. “I started Knolly in a garage because I believed I could build a better bike. I still believe that. The question in front of me right now isn’t whether Knolly should exist — it’s what Knolly needs to look like to keep existing.”
It has been nearly two months since that Instagram post. And it looks like the situation hasn’t improved.
A Canadian gravity icon
Knolly Bikes is an iconic name in the lore of B.C. mountain biking. Since 2003, the North Van outfit has designed bikes to survive the infamous Shore trails.
But, as many know, the bike industry has been in a rough place since the pandemic boom. Companies like YT, Rocky Mountain, Revel, GT have all faced trying times. Specialized made significant layoffs back in 2023. Many have speculated that Trek is also in trouble.
The post-pandemic drop in demand, has left many bike companies overstocked and unable to sell product. Not to mention the profit margins that are continuing to deteriorate.
For small brands it’s an extremely difficult time to keep going.
“The last few years have been the hardest this industry has ever seen, and Knolly has not been immune,” wrote Buckley. “But we have been fighting through it: restructuring costs, tightening operations, and doing the difficult work of right-sizing the business to match a new reality. We were making progress. That progress was cut short. Our bank, RBC, has made the decision to call in our account.”
Hopefully not the end
There’s still no official confirmation that Knolly is finished. And hopefully it’s not. Maybe the auction helps stabilize things. Hopefully the company re-emerges smaller, leaner and able to keep designing bikes again.
One silver lining?
If there’s any upside here, it’s that a few riders (and probably some bike shops) might score some very good deals. That’s small comfort, though. Because every auction listing is a reminder that building bikes, especially independent, rider-owned bikes, is becoming more and more difficult.
The auction ends May 25. You can place your bids now.