Bike e-retailer puts wheels in motion for expansion following funding
West Sussex-headquartered cycling e-retailer The Rider Firm has put the wheels in motion to grow its business in the UK and US.
The Rider Firm designs, engineers and e-retails premium bicycle components including carbon and alloy wheels, bikes and cycling accessories. Its wheel brand, Hunt, is its top seller. It also sells Privateer mountain bikes and Cairn e-bikes.
Santander UK has provided the business with seven-figure funding to support its plans to increase sales in the UK and US. The funding package includes a revolving credit facility and Growth Capital loan and provides The Rider Firm with flexibility to grow the business. Gambit Corporate Finance advised The Rider Firm on the deal and Foot Anstey provided legal advice to Santander UK.
The company was established in 2013 by brothers Tom and Peter Marchment, who started out selling bike wheel inner tubes online, direct to customers. Their company has since grown to employ staff in its UK headquarters in Partridge Green, West Sussex, and its US subsidiary in Colorado.
Marketing – particularly social media and sponsorship of professional cycling teams – is key to The Rider Firm’s plan to grow sales at home and overseas. It also has plans to bolster its staff with 20 new hires this year. It is working with Santander Universities to recruit an additional two staff to its Graduate Leadership Scheme.
As part of the company’s commitment to sustainability it is researching the potential use of recycled materials in its products and working toward gaining B Corp Certification.
Peter Marchment, founder, The Rider Firm said: “The whole team at The Rider Firm have worked hard to serve riders by developing the best available performance cycling products. With Santander UK as our funding partner, we are well positioned to grow our direct-to-consumer led business and serve more riders in our core UK and US markets and expand into Europe. We are very grateful for the tremendous support of both Santander UK and Gambit Corporate Finance in this process.”
Peter Abel, growth capital director at Santander UK, said: “As The Rider Firm’s banking partner, we are proud to have supported its growth and evolution over the past six years. Its technical and research and development expertise have driven its growth and excellent reputation among customers. We are pleased to provide it with this latest funding, which will propel its expansion in the UK and overseas.”
Jason Evans, partner, Gambit Corporate Finance, said: “The Rider Firm is an exciting and dynamic business driven by a passion for cycling and its products are widely recognised and very well-respected. Gambit Corporate Finance is pleased to provide advisory support on this funding with Santander UK and looks forward to seeing the continued success and growth of the business over the years to come.”