Cycling lifestyle brand Rapha has spoken out on the impending closure of its popular Sydney Clubhouse site.
The retail concept merges products with a hospitality offering, as well as an extensive programme of events.
Members of the local arm were advised of the closure via a notice board announcing final events for September/November.
It is understood the Sydney Clubhouse, one of several chapters in cycling cities across the globe, was a profitable site with a large membership base.
When contacted by ragtrader.com.au, Rapha issued a statement on the site closure.
"We have made the decision not to renew the lease on our Sydney Clubhouse.
"This is linked to a wider change in our trading strategy that will prioritise long-term profitable growth.
"Our vision and general approach remain unchanged, and we are committed to maintaining brilliant relationships with the thousands of people who engage with our brand and ride with us each year."
Earlier this month, Rapha announced a string of job cuts as part of a broader bid to consolidate costs. Rapha CFO Emilio Fao also recently left the company.
It comes as the brand, which produces cycling apparel and accessories, pursues a new strategic direction under US-based RZC Investments.
The private equity firm became majority owner in August 2017, after Rapha founder Simon Mottram and founding shareholders sold a stake in the business.
At the time of announcing new investors, Rapha maintained it would extend its Clubhouse network, membership club and a range of products and services.
"Support from RZC Ivestments will allow us to further expand our active global community of cyclists, develop even better and more innovative products and services to enhance cyclists' lives and inspire many more people to take up the world's greatest sport," Mottram said at the time.
RZC Investments is run by Walmart heirs Tom and Steuart Walton, who scooped the Rapha business for US$260 million.