David Millar's cycling clothing brand CHPT3 went into liquidation and stopped trading with immediate effect.

A statement released on the company's website said that CHPT3 had "discontinued the transaction" and that creditors were to be contacted by bankruptcy practitioner Wilson Field Limited.

"The directors of CHPT3Limited have directed Wilson Field Limited to assist in the proceedings of voluntary liquidation of creditors," the statement read.

"The company has now stopped trading. Creditors will be contacted in due course by Wilson Field Limited. Any queries can be directed to Wilson Field Limited, which can be contacted at +44(0)114 2352 6780.

The brand was launched after Miller retired from professional cycling at the end of his 15-year career in 2015. His motorcycle accomplishments included stage victories on all major grand tours, and it was pointed out that he was the only British rider to wear all of the Tour de France classification jerseys.

News of the company's liquidation came just over three months after CHPT3 launched a £195 cycling 'trainer style' shoe named Transit.

CHPT3 is the latest circulating clothing brand that has experienced financial difficulties in recent years. Rapha posted an operating loss of 10 million pounds in the month to 2,100, and 2023 was the 7th consecutive year of loss for the brand.

In 11 months, Scottish brand Endura posted a loss of £1400 million, while elsewhere Evans Cycles recently posted a loss of £2300 million. By contrast, Wiggle's managers reported a profit of £10 million during the management period before the company was acquired by Frasers Group.