Black market in stolen bikes ‘worth £58m’

Insurance firm LV= estimated that the market for stolen bikes could be worth as much as 
£58m because of how easy it is to sell them.

A survey of 2,000 bike-owners found that of those who have had a bike stolen (21 per cent), almost a third said it was taken from their shed or garage and a fifth from their driveway.

One in 10 had their bike stolen from outside their office, and a similar number reported losing their bike outside a bar or restaurant.

One in 20 victims have had three or more bikes stolen.

John O’Roarke, managing director of LV= home insurance, said: “Bike theft is a growing problem in the UK, with thieves able to easily sell bikes on second-hand. Cyclists should ask about a bike’s history before buying it, ask to see the original receipt or paperwork and resist the tempting price tag if they think it may be stolen.

“It is also worth looking to see whether a postcode or serial number has been scratched over, which is often the case with stolen bikes.”