Business Growth Fund backs Rutland Cycling with £2.8m growth capital
Family-owned cycling business will use funds to open new outlets across UK
Independent investment company the Business Growth Fund (BGF) today announced it has invested £2.8m into leading family-owned cycle retailer Rutland Cycling.
Founded in 1981 by Dave and Ann Archer and currently owned by their son Paul Archer with David Middlemiss, Rutland Cycling is one of the UK’s leading independent retailers of bikes and cycling products via its e-commerce website and four retail outlets across the West Midlands.
The business has preferred status with leading UK cycle manufacturers Giant, Trek and Specialized and currently turns over around £10m per year.
BGF’s £2.8m investment will back a period of national expansion for the business as it plans to open four new stores in ‘prominent UK leisure and tourist destinations’ over a four-year period.
In addition to the growth capital, the founder and former CEO of Maplin Electronics Keith Pacey will join Rutland Cycling’s board as non-executive chairman, alongside former Woolworths CEO Keith Fleming who will take the position of non-executive director.
Tim Whittard, investment director at BGF, who will also join the Rutland board as part of the deal, commented: “With the rising popularity in cycling, has come high levels of competition from online retailers in this space and Rutland’s combined bricks and mortar and e-commerce strategy and its differentiated customer offering has enabled it to hold its own in this competitive market.
“Our investment marks the start of a partnership with the company and we look forward to working with the management team, Keith Pacey and Keith Fleming to take a successful well established model and expand it across wider geographies and to reinforce the business’ place in the cycling retail market.”
David Middlemiss, managing director of Rutland Cycling, added: “We are extremely pleased to be opening a new chapter, one that will bring exciting developments for our customers and our people. Our vision is to be Britain’s best cycling destination, and our staff have worked incredibly hard over the last year to be recognised as both the UK’s best Independent Bike Retailer and Women’s Independent Bike retailer of the year in recent months.
“Working with BGF now allows Rutland Cycling to realise the ambition we have to take a unique model, rooted in a passion for cycling and customer service, and inspire more people to own and ride a bike. This is excellent news for everyone associated with our business.”