Knolly Bikes to restructure

Canadian mountain bike brand Knolly Bikes is considering restructuring after its lender, Royal Bank of Canada (RBC), demanded repayment of its loan, the company said in a statement on Thursday. Founder and chief executive Noel Buckley said the move had forced the business to evaluate all restructuring options, and confirmed that Knolly is not closing doors. He expects to provide further updates in the coming weeks. The company had already been cutting costs and working to improve efficiency, and was preparing to launch several new models before the bank's intervention. Most outstanding customer orders have already been fulfilled, Buckley said, with the remaining ones being processed. He emphasised that dealer relationships remain a priority for the company. Buckley also criticised RBC's actions, noting the bank recently reported record profits and claimed that smaller businesses are facing increasingly limited options in a banking sector that keeps consolidating.