NEWS HUB
Brompton sells £19 million stake to BGF
BROMPTON Bicycle has agreed to sell a £19 million stake after shareholders approved an investment from the Business Growth Fund (BGF), which is backed by multiple high street banks. Since 1975, Brompton has been independent, owned by the founder Andrew Ritchie, the current CEO Will Butler-Adams, their friends, family, and its staff.
This partnership with BGF sees it take a minority stake to
support Brompton’s ambition to accelerate growth. It is understood that the investment values the company at
around £180 million. Butler-Adams said: “Over the last two decades, Brompton has
grown organically at circa 20% a year, funded by reinvesting our profits. For the year ended March 2023, turnover grew 21% to £130m. “We export 80% of our bikes to 46 countries, and in November 2022 made our one-millionth bike, a great achievement. But this is not enough, we need to move faster. “Our team at Brompton are brimming
with ideas to accelerate our growth through product innovation, storytelling, outstanding stores and having fun with our amazing community. But if we are really going to go for it, we need to strengthen our balance sheet to give us the confidence to be more ambitious.”
Mycle moves to hybrid business model and seeks new retail partners
MYCLE, the British e-bike brand, has announced a transition towards a hybrid business model, offering B2B sales alongside direct-to-consumer channels. The switch has already seen several successes, with Mycle opening a first outlet store in Sidcup, London as well as partnering with several retailers around the UK.
Mycle decided to take the step towards having a
retail presence following feedback at consumer shows and demo events.
Customers repeatedly expressed interest in owning a Mycle bike but wanted the opportunity to see and test one in the flesh.
Upgrade to distribute Eclipse Inner Tubes in the UK
WEST Sussex distributor Upgrade Bikes has announced the introduction of Eclipse Inner Tubes to its portfolio of brands. Eclipse inner tubes are made from Thermoplastic
Polyurethane, a material invented in the 1960s with Eclipse the first brand to use it for commercial inner tubes in 2011. Eclipse has developed proprietary technologies for joining the tube ends, as well as the mechanical assembly of a valve stem to the tube material. UK prices start from £25 per tube RRP, and are available in a wide range of sizes for road, gravel, endurance and MTB.
10 | June 2023
With a large proportion of Mycle customers being new to cycling, the peace of mind gained by hands-on experience with the bike alongside a local resource for servicing and advice has already resulted in a boost in customer conversions. Built out of a UK facility in Tetbury, the brand offers a range of e-bikes retailing from £999. The range includes folding models, hybrids and
more, with features such as integrated lights, cargo racks and mudguards as standard. Retailers interested in partnering with Mycle are encouraged to contact the team at
trade@mycle.co.uk
Raleigh UK to start distributing Look pedals and cleats
RALEIGH UK will begin to distribute Look pedals and cleats in the UK market.
The partnership will have a
particular focus on targeting independent bike dealers and ranging Look pedals in store. The new collaboration ensures distribution of pedals and cleats to all areas across the country, demonstrating Look’s commitment to grow its market share in the UK. Peter Hunt, Raleigh UK’s head of brand and marketing, said: “We are excited to welcome Look into the Raleigh portfolio and deliver the great plans we have established together.”
www.bikebiz.com
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