Havebike bicycle maintenance and repair company is looking for an investment financed by crowdfunding
London based bike, which claims to be the UK’s largest independent bicycle repair company, turned to crowdfunding site Seedr.com to raise funds to expand outside the capital to other cities from the country.
The company, which offers a collection, repair and return service for maintenance and repairs, with reservations made online and three levels of service available and bikes returned within 48 to 72 hours, predicts a figure business of £ 1.8million in its current fiscal year and wants to increase that amount to £ 10million by 2023.
In addition to opening workshops in all major cities in the UK, the company, which was founded in 2010, also aims to launch a ‘home bike’ in which the mechanics of a fleet of vans Repairers will visit businesses and customers in cases where it is not possible for bikes to be serviced in a physical workshop.
CEO Nick Brown gave up a career as a financial lawyer in the City of London to found the company due to his frustration in trying to have his bike serviced and repaired, such as finding a convenient store to do the work, delays and staff trying to get it to switch to another bike.
He said: “havebike was created as a solution to the fear people feel when their bike has suffered a mechanical problem. We want to take the hassle, inconvenience, and uncertainty out of bike repairs away so people can get back to spinning their pedals as soon as possible.
“We are an ambitious company that plans to become the cycling equivalent of Kwik-Fit, and I know that our technology, our industry expertise and our scalable model will allow us to be successful.
Brown continued: “The UK cycling market was recently valued at £ 2bn with around 2.5m bikes sold worth £ 940m, and a similar level of spending on service and repair.
“Given the recent cycling boom, the looming green recovery from COVID-19 and the fact that 42% of people in the UK have access to a bicycle, the true potential of the service and repair market is potentially greater. to 1 billion pounds. .
“Now is the perfect time and opportunity for anyone looking to invest in a great company in the cycling market,” he added.
To start with, the company focused on fulfilling B2B contracts with the capital’s emergency services and bike share fleets, including Santander Cycles, before launching its collection and return service. for the consumer market in 2014 – with revenues in this part of the business growing by 400%. Last year.
Operating from a workshop in central London, the company has nearly 30 full-time employees and operates seven days a week, and claims to be the only Shimano Service Center accredited bicycle service company in the UK and in Europe, in addition to being the authorized service agents for Canyon and Ribble.
The campaign has already raised over £ 400,000 from over 70 investors against a fundraising goal of £ 500,002, and you can find full details on the Seedrs.com website here.