Ofo bikes set to withdraw from London market

The bike-sharing firm Ofo, distinctive for its bright yellow bikes, has pulled out of the London market.  Ofo is under threat of bankruptcy according to some sources and had already shut up shop in Norwich, Sheffield and Oxford to focus on the captial, citing issues with vandalism and low demand. The Chinese firm allows riders with access to its smartphone app the opportunity to unlock its yellow GPS-enabled bikes. The plus points for users, particularly in London, was that users could leave the bikes anywhere without having to find a parking dock. The firm did have around 6,000 UK bikes spread across cities that included London, Norwich, Sheffield, Oxford and Cambridge. The capital at its peak saw roughly 3,000 of those available for hire according to Guardian sources. This news comes as London expects a new challenger to the bike hire market in the shape of the Uber owned JUMP.