Barnoldswick-based bike and component manufacturer Hope Technology (www.hopetech.com) recently announced that it will drop the price of its acclaimed HB160 bike from £7,500 to £5,500 — and refund those who committed to purchases at the higher price.

Launched last year, the UK-made carbon ‘160mm enduro bike’ is somewhat unusual in the bike world, in that Hope has not stuck to the standard rule book, instead creating what it describes as an “uncompromising bike designed and made with input from experts from the Formula One and aerospace industries”.

In a statement, the company said: “Our first bike — the HB160 — was successfully launched last August and received praise from all who rode it.

An asking price of £7,500 certainly put it into the ‘super-bike’ category, and given the quality of finish, attention to detail and uniqueness, it’s not unjustified.

However, this price did not sit well with one of our founders, Ian Weatherill.

He has been quoted many times as saying that UK manufacturing can easily compete in the global market, but the initial pricing for the HB160 didn’t really reflect this.”

This led Hope to re-assess its carbon bike programme over Christmas, with the firm “recalculating the absorption of the R&D costs” for the programme.

The news comes in tandem with the announcement that the company has just purchased a new six-acre plot of land with a view to expanding its manufacturing and assembly operations — in particular, those relating to its wheel business.