Better Business / Triodos Bank
Investors offered opportunity to grow independent bike retailer
Sustainable bike retailer Temple Cycles has partnered with Triodos Bank to launch a £625,000 bond offer on the Triodos crowdfunding platform.
The proceeds of the bonds will allow Temple Cycles to grow its business and to fund investment in its new e-bike activities.
This includes helping the company to actively raise awareness of its e-bike range by rolling out a travelling pop-up showroom where the e-bikes can be trialled.
As the business continues into 2023 and beyond, it hopes to refine and develop its range of e-bikes, including expanding into e-cargo and e-mountain bikes.
Temple Cycles have stores in Bristol and London – photo: Temple Cycles
This latest investment will help the firm grow within the e-bike market, which has seen a rapid uptake in the last year, and is predicted to be worth £90bn globally by 2030. E-bikes now account for over a fifth of total bicycle spend in the UK.
Formed in 2014, Temple Cycles has over 15,000 customers across 30 countries.
Mathew Mears, chief executive of Temple Cycles, has welcomed the move in the current bicycle market.
Mears said: “The events of the past two years have actually enabled the cycling industry to flourish and we believe this will be a lasting legacy.
“As the UK seeks to decarbonise its transport system, active travel and e-mobility now have strategic importance which will help strengthen the growth opportunities within the cycling industry.”
Temple Cycles currently offer a range of bikes, from urban commuting to multi-terrain adventures – photo: Temple Cycles
The move by Triodos Bank is the latest in a series of investments that target sustainable businesses. The bank is known for its focus on sustainability and co-founded the Global Alliance for Banking on Values, a network of 63 sustainable banks in 2009.
Jeremy Pannell, senior corporate finance manager at Triodos, added: “As a bank we have made public commitments to achieving net zero by 2035. Cycling plays an important role in the national decarbonisation agenda and we are really pleased to be helping Temple Cycles raise the finance they need to grow”.
The bond will launch on Friday, April 1. You can visit here: triodoscrowdfunding.co.uk/invest/temple-cycles
Main photo: Temple Cycles
Read more: Big Issue e-bikes joins the better business network
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