Steve Briggs (above), the founder and owner of bike security firm Pragmasis, has decided to shut down the business. The company has been facing financial challenges due to increased overheads and costs, aggravated by Briggs’ declining health in recent years. The plan now is for Briggs to move on and dedicate more time to managing the local Alvecote Wood conservation site.
Pragmasis, based in Tamworth, has built a strong reputation for manufacturing high-quality security products such as robust ground anchors, garage locks, and the innovative Anti-Pinch Pin, designed to secure a bike through a wheel or hollow swingarm axle.
Briggs said: “We’ve been experiencing financial difficulties for quite some time now. The stark reality is that we’ve been operating at a loss as overheads and costs have steadily risen. While the losses may not have been substantial, the continuous financial strain has taken a toll on us. We’ve scaled back our product range, implemented cost-saving measures, and explored various sales-boosting strategies.”
Briggs further revealed: “I established the company with my wife in 2003, more than 20 years ago. Unfortunately, she passed away six years ago, and I’ve been battling worsening health. This is likely linked to long-term stress, exacerbated by my battle with Covid earlier this year. My team and suppliers have been incredibly supportive, but the combination of the cost of living crisis, the impact of Ukraine, along with Brexit and Covid, has been overwhelming.”
Despite the closure, there is some hope for the brand, as Briggs is in discussions with potential licensees who are interested in taking over the production of Pragmasis products. “We are exploring licensing opportunities where another company could manufacture some of our products under license. We welcome applications from established businesses, particularly those already operating in the security sector.” Interested parties can get more information at: [email protected].
Briggs emphasised that while winding down the business: “We are still fulfilling orders and shipping products: once it’s gone, it’s gone!”