Pragmasis shutting up shop

[weeksy]

https://mailchi.mp/a5133acba02a/importa ... 82f1628760

This is Steve, joint founder, Director & owner of Pragmasis and SecurityForBikes.

I’m sad to report that we have been finding times hard for a long time, now. The blunt reality is that we’ve been losing money for quite a while. Not much, but still cash going the wrong way and it all adds to the stress and worry that has taken its toll over the long term.

We’ve tried lots of sales-boosting strategies over the last 2+ years and they haven’t turned it around.

We are now actively in the process of shrinking from 3 factory units down to 2.

…And we expect to be shrinking from 2 units down to none around October this year

I told the landlords last summer that I could see a ‘perfect storm’ building against us, and it has got more stormy since then, unfortunately.

My health has been a worry for several years (chronic stress is bad for you, really bad) and it took a turn for the worse after I got COVID (again) back in February.

I told my staff back in January that I expected us to be closing down later this year and since then it’s become definite. There is no choice.

I spent 3 years training someone to take over from me – so I could retire! – but they had to move away due to personal reasons. That came as a massive shock that happened 2 years ago. My partner, Rosie, incredibly kindly offered to step in to help with admin and marketing and everything else! She has been helping like a trooper and that has gone on for 2 years, now. The wider commercial situation has been deteriorating over that time such that we’ve been struggling even to scrape along. This further eroded our ability and confidence to recruit and train anyone else. Our sales are about 40% down relative to 2 years ago, plus our costs have been rising inexorably: For example, Heat Treatment in our manufacturing uses gas, and despite appealing, our Business Rates went up 40%!

My team and our suppliers have all been brilliant, but the Cost of Living crisis combined with the Ukraine situation on top of Brexit and COVID have all hit us.

I think we can claim to have been the top end of our market for much of our 20-year period, but I don’t want to scrape along in the future, and my health means that would likely be disastrous anyway.

[Skub]

I have to say I hadn't heard of them,but it sounds like a shitty deal for them all despite the health ruining effort entailed.

[Le_Fromage_Grande]

What do they make?

[weeksy]

What do they make?

Massive chains. While us lot went Almax, many others went Pragmasis

[Le_Fromage_Grande]

What do they make?

Massive chains. While us lot went Almax, many others went Pragmasis

Oh, the problem they may be having is that there product is too good, I've had the same huge chain for 24 years and it's still good.

[Cousin Jack]

It's sad, but is the way a lot of quality products are going. The market wants cheap and flashy, quality butters no parsnips.

Sorry for you and your staff.

[porter_jamie]

I got a big chain and lock off him for my ebike. I wasn't really thinking what 19mm chain meant. But obviously it's the wire diameter, I can barely lift the bloody thing. And the lock is immense and the ground anchor ain't never moving. It's a real shame and I didn't realise they made stuff in the UK.

[ZRX61]

Why the hell is he still trying to hire & train staff for a job that won't exist much longer?

[Count Steer]

Why the hell is he still trying to hire & train staff for a job that won't exist much longer?

He isn't. (Not for the last 2 or 3 years is how I read it. ie since the person that was going to take over dropped out).

[Horse]

Why the hell is he still trying to hire & train staff for a job that won't exist much longer?

He isn't. (Not for the last 2 or 3 years is how I read it. ie since the person that was going to take over dropped out).

Five years

I spent 3 years training someone to take over from me – so I could retire! – but they had to move away due to personal reasons. That came as a massive shock that happened 2 years ago.

[Taipan]

I have one of their 19mm chains at work and an Almax here at home. Both proper bits of kit and of comparable quality, which is a world apart from the likes of Abus and Oxford etc.