Region: South West
Location: South Cerney, Gloucestershire
Programme: Enterprise Finance Guarantee
One of the UK’s fastest growing direct-to-customer bike firms has launched an innovative new range of road bikes and expects its product range to quadruple within the next four years as a result, after securing a six-figure funding deal with Lloyds Bank Commercial Banking.
Mango Bikes launched in 2012, after university housemates Ben Harrison and Jezz Skelton developed the idea to sell stylish, single speed road bikes directly from the factory to the consumer. Since appearing on the BBC’s Be Your Own Boss in 2013, the company has expanded significantly, with its turnover expected to exceed £1 million by the end of the year.
Earlier this month the company launched its Point R range, a set of four, light-weight, aluminium road bikes that can be customised to suit the customer’s specific needs and tastes.
The new range will also be available on the firm’s website, which has recently been relaunched to accept foreign currencies. This is part of the company’s strategy to increase exports over the coming year, and it has teamed up with distributors in the Middle East, Chile and Poland to increase overseas trade.
To help deal with the expected increase in customer demand, both at home and overseas, the company has created six new jobs and plans to add four more within the next 12 months.
Ben Harrison, director at Mango Bikes, said: “Our business has gone from strength to strength over the past few years and we recognised that we needed to expand our product range in order to stay competitive.
“The new range took over a year to develop but the finished bikes are better than we could ever have imagined, and we’ve already received positive feedback from across the industry.”
To gain the funding needed to develop the new collection Ben and Jezz approached long standing banking partner, Lloyds Bank, which provided a £150,000 funding package through the British Business Bank’s Enterprise Finance Guarantee Scheme.
Ben added: “The support from Lloyds Bank has been an integral part of the latest stage of the businesses expansion, and our relationship manager really understood how investing in research and development would help us to achieve our long term ambitions.”
Nick Hanby, relationship manager at Lloyds Bank Commercial Banking, said: “Since starting the business, Ben and Jezz have pushed the boundaries of what they can achieve, constantly looking for new and innovative ways to boost sales.
“Ambitious businesses like Mango Bikes are assets to their local economies, and to help more companies achieve their goals we have pledged to lend £1 billion net a year to small and medium sized firms by the end of 2017.”