Popular bicycle lock manufacturer Pragmasis has announced that it is back in business under new ownership, a year after winding down production citing the “brutal reality” of “losing money for quite a while” in the wake of Brexit, the Covid pandemic, and the impact of the war in Ukraine.
Last July, the company’s owner Steve Briggs, who founded the company in 2003 with his late wife, announced that Paragmasis would be closing its retail and despatch business and shutting down production later in the year.
In a statement announcing the brand’s demise, Briggs thanked suppliers and partners for their support over the previous 20 years and expressed pride in having “stopped an awful lot of thefts along the way”, especially thanks to its popular Dib D-Lock, which attracted plenty of praise from cyclists over the years for its thief-frustrating qualities.
road.cc editor Jack can certainly attest to that, his pair of DIB D-Locks now well-worn with nicks and marks from unsuccessful thieves’ bolt-cutter attempts, on one occasion somewhat comically (although maybe less amusing at the time for Jack) leading to them opting to nab his bars and seatpost instead.
It’s not just bike locks that Pragmasis manufactured, the company contributing to “raising the bar with innovative designs” of ground anchors, security chains, motorcycle security products and, of course, the D-locks.
And now, 11 months on from Briggs’ announcement, it appears that legacy will live on, following the announcement this week that Pragmasis Engineering is back up and running, having been bought by new director Ben Cope.
According to Cope, the takeover will see the company build on its “established legacy” while “introducing an ambitious product development strategy”.
The company’s existing products are back in active production, Cope says, while new product development has already begun, with launches expected later this year, extending the company’s reach into broader applications of physical security.
Meanwhile, the brand will continue designing, testing, and producing the locks, chains, and anchors it is most known for, saying in a statement that it “remains committed to serving the cycling and motorcycling communities, business clients, and public sector organisations with industry-leading physical security products”.
While Pragmasis has a new owner, founder Steve Briggs and his brother David will continue working with the brand in advisory roles, with Steve using his decades of experience to guide the company’s manufacturing and development process, while David will oversee customer support.
“Our customers can rest assured: our existing product range, including the best-selling Protector Chains, RoundLock, and Torc ground anchors are back in production,” new owner Cope said in a statement.
“Steve and David are staying closely involved, and we’re working hard to build on our reputation for innovation, quality, and reliability, including introducing some exciting new products.”
Briggs added: “This is the dawn of a new and exciting era for Pragmasis and our highly-respected product range.
“We started Pragmasis in 2003, wanting to raise the bar for security products. We have a long legacy of doing exactly that, and I am delighted that Ben and the new team will be able to carry on our core priorities of quality and ethics, whilst enabling the products to reach a much wider audience.”
Reflecting on the difficulties that led to what we now know was the company’s temporary demise, Briggs said last July: “The blunt reality is that we’ve been losing money for quite a while with overheads and costs going up. 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 been retrenching back to a reduced product range and also making other cost savings and have tried lots of sales-boosting strategies over the last two years but they haven’t turned it around.
“I started this company with my wife in 2003, more than 20 years ago. Very sadly, she passed away six years ago, and my health has been getting worse. Probably a lot to do with long-term stress, plus I got Covid, again, back in February and that has caused many more problems for me since then.
“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.
He continued: “Now, there are more products from much larger companies to make the life of thieves even harder. Anything that deters thieves is good for all of us. We have stopped an awful lot of thefts along the way – and in fact, we still are.
“We’ve supplied well over 40,000 customers and that’s a lot of security out there, keeping stuff safe in a variety of countries. We’ve only been a small company but we have helped to change the game during our time.”
1 thought on “Popular bike lock brand relaunches under new ownership – year after winding down due to “brutal reality” of Brexit, Covid, and cost-of-living crisis”
I bought a couple of chains
I bought a couple of chains anchors and locks from Steve a few years ago. He was really helpful in advising on the right things to get. Glad that the business is carrying on again, and that he’ll be involved.