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For the sake of this argument, let's not attribute costs from other aspects of the business to the bike hire component.
Also does Rapha actually take out indemnity insurance on the hire bikes? There's about 5 pages of waivers when you hire a bike, and you're pretty much forced to take out the optional insurance cover.
amac090
PhilDAS
mustardbeak
...business rates, VAT, insurance...
If only making money was a simple as 200 x 2 x 35 = cashback!