Rutland Cycling, a Midlands, UK-based family cycling business, received £2.8m in equity funding.
Business Growth Fund made the investment. In conjunction with the funding, Tim Whittard, Investment Director at BGF, joined Rutland Cycling’s board. In addition to providing capital, BGF introduced the business to Keith Pacey (the founder, and former CEO and Chairman of Maplin Electronics) and Keith Fleming (the former Finance and Strategy Director at B&Q plc), who joined the board as non-executive Chairman and non-executive Director respectively.
The company intends to use the proceeds for the refurbishment and extension of its existing estate of stores, for national expansion, with four new outlets set to open in prominent UK leisure and tourist destinations over the next 4 years, and development of its e-commerce capabilities, including its website www.rutlandcycling.com.
Led by Paul Archer and David Middlemiss, Rutland Cycling sells and hires premium cycling products from its four stores in the Midlands in Lincolnshire (Rutland), Cambridgeshire (Grafham Water) and Northamptonshire (Fineshade Wood), and via its website. It is a preferred retailer for UK cycle brands Giant, Trek and Specialized.
The business currently turns over approximately £10m each year.
FinSMEs
17/03/2014