Upmarket cycling brand Rapha has launched a wave of job cuts a little over a year after its blockbuster £200m sale to scions of the Walmart empire.

A redundancy programme was announced earlier this week as part of an initiative to "reduce costs, and consolidate and strengthen our position" and put Rapha on a path towards "long-term profitable growth".

One former employee told The Daily Telegraph that between 60 and 70 staff had been fired with immediate effect. A separate insider put the figure nearer 80. The company disputed the figures, with a spokesman saying 15 members of staff had been let go.

The job cuts come hot on the heels of the recent exit of Rapha’s chief financial officer Emilio Foa.

Steuart and Tom Walton, the grandsons of Walmart founder Sam Walton, emerged victorious in a bidding war last year, buying Rapha through their private equity firm RZC Investments. It is understood they pipped Aston Martin cornerstone investor Investindustrial to the acquisition. Luxury goods conglomerate LVMH was also reported to have held talks with Rapha.

Rapha took the unusual move of rolling out a series of heavily discounted sales during the summer - traditionally when demand for cycling goods is at its peak. It has also started peddling its wares on popular sports flash sales website Sportpursuit.