One of Sydney’s largest bicycle stores has recently closed. Velosophy was an impressive, two level, high end bicycle store that opened about four years ago.
It was located in The Entertainment Quarter, Moore Park. This site was once the Sydney Showgrounds, but was redeveloped after the Royal Easter Show moved to Sydney Olympic Park.
The precinct includes Fox Studios, a major cinema centre, the Horden Pavillion, Sydney Cricket Ground and a range of restaurants and fashion stores. However it lacks houses or offices that would bring regular customers, and relies of visitors and tourists, who mainly come on weekends and evenings.
The creditors listing for The Breakaway Bunch Pty Ltd shows total creditors of $511,349.
The largest single creditor was the Deputy Commissioner of Taxation with a claim of $157,319. Most of the balance is spread across approximately 40 bicycle industry suppliers.
Bicycling Trade will not be publishing any further details regarding individual creditors.
The financial pain of any store closure is felt by the owners, staff and suppliers.
It’s sad to see any business close, knowing how much work goes into creating and running it.
This picture shows less than half of Velosophy’s premises, which would have come at a high rent, given that the upmarket precinct is located just two kilometres from the centre of Sydney.