Mon, 13 Sep 2021 | BUSINESS SALE
Bicycle manufacturer and retailer Ribble Cycles is set to be sold after the company’s owner, investment firm True Capital, hired investment bank Stifel to prepare the business for a sale over the coming months.
The Preston-based firm is among Britain’s oldest bike makers, having been founded in 1897. The company has been owned by True Capital since 2016 and, over recent years, has rapidly diversified its product offering and shopping experience.
In addition to its traditional range of road bikes, Ribble has expanded into fast-growing sectors including electric bikes. On the retail experience side of the of the business, the company has expanded its physical retail offering, as well as introducing new e-commerce innovations such as video consultations for online buyers.
The business, which has also engaged in sustained marketing drive, is reported to be targeting international expansion in addition to its growth strategy within the UK market.
In its most recent accounts, for the year ending November 1 2020, Cyclesport North Ltd (which trades as Ribble Cycles) reported a post-tax loss of £233,249 on turnover of £18.2 million. At the time, the company’s net assets were valued at slightly over £1 million.
The potential sale, which is reportedly likely to generate significant interest from large private equity firms, comes at a time when private investors are taking an increasing interest in the rapidly-diversifying cycling sector. According to forecasts from McKinsey, sales in the direct-to-consumer bike market are set to grow at a compound annual rate of 19 per cent from 2022 to 2025.
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