Exeter bike-share scheme goes bust

Not enough people used Co Cars and Co Bikes

A company that offered bikes and cars on the streets of Exeter and some Devon towns is going into administration.

Co Cars and Co Bikes stopped trading after getting into financial difficulties when demand for its services dropped and it couldn't cover it costs.

It offered around 200 electric bikes and 50 electric or low-emission cars to people who rented them by the hour.

The bikes and vehicles were leased from finance companies, and not owned directly by Co Cars or Co Bikes. The bikes were widely used by food delivery riders, such as Deliveroo and Just Eat.

In a statement, its managing director Nic Eversett said: "We were severely affected by the suspension of our services for long periods of time during covid. Post-covid, changes in travel habits, exacerbated by the cost-of-living crisis and drop in demand for business travel, have significantly impacted utilisation and revenue.

"These factors have been aggravated by high fuel prices and energy costs, contributing to greatly increased internal costs. Furthermore, vandalism of the bikes and supply chain issues (especially for e-bikes) have made it impossible for us to keep enough of the fleet on the road to make the business viable."

They tried to find new funds, but it wasn't forthcoming.

Mr continued: "The board and I would like to sincerely thank everyone who has supported Co Cars and Co Bikes. You have helped Exeter and the south west experience the many benefits of using shared mobility services.

"We are devastated that Co Cars Limited won’t continue but we are proud to have helped reduce pollution and congestion on our streets whilst also increasing active travel.

"To that end, we are looking for potential new providers who could keep the cars and / or the bikes operating into the future as we passionately believe these services are an essential part of a low carbon, integrated public transport network."