With less than one week until its Crowdcube initiative comes to an end, London cycling pub, Cadence Performance, has successfully raised nearly 500,000.
Frank Beechinor and Ray Vella founded the company, which is currently located in Crystal Palace, in 2012:
“Both keen cyclists, Ray and Frank were frustrated by the absence of places where cyclists could convene in a welcoming environment, and at the same time, access services to help them with their cycling. This formed the basis of the idea for Cadence.”
Cadence has been named the second busiest cycle café in the London and offers fitness testing, coaching, custom insoles, indoor cycling on Wattbikes, yoga, pilates and sports therapy.
The company also revealed its progress:
It believe it is one of the UK’s busiest bike fitting centres, doing up to 150 bike fits per month at peak season- It has developed its own cycle coaching methodologies – Pedal-fit.
- In 2015 it was identified in a Strava survey as the second most visited cycling cafe in London after Roehampton cafe in Richmond Park and ahead of Rapha Cafe and Look Mum No Hands
- ITV’s The Cycle Show 2014 and 2015 was filmed at Cadence
- Cadence became a Giant concept store in March 2015, one of only 22 in the British Isles.
- Introduced our membership plans as a trial 10 months ago and we now have 221 customers paying an average monthly subscription of £56. Annuity revenue now accounts for 14% of our total income.
- It receives regular coverage in trade and general press including the Daily Telegraph, Evening Standard, Cycling Weekly, Sportif Magazine, Cycling Active, Shortlist, and Cycling Plus
In October 2015, Shortlist Magazine named Cadence as one of the top 10 cycle shops in The UK- Pro riders and speakers that have visited Cadence include Alex Dowsett, Sean Kelly, David Millar, Jack Bobridge, Nicholas Roche, Johnny Hoogerland, Marco Pinotti, Marianne Vos and Steven Roche
- Its corporate clients include Guardian Newspapers, UBS, Credit Suisse, Bristows, Warner Brothers, Kingswood Mallisons, Leigh Day, Kings College
- In March 2015, it changed how the cafe operates from being run in-house to a concession operated by a local artisan coffee shop
Funds from the Crowdcube campaign will go towards the following:
- Geographical expansion
- Leverage our cycling coaching capability through technology
- Grow annuity revenue
- Expand corporate business
In regards to future sale goals, Cadence explained:
“We anticipate seeing sales continue to grow at the existing site in Crystal Palace from a forecast £941,000 in the current financial year to £1,157,000 in the year ending February 2017, an increase of 23%. This growth is expected to come from an increase in coaching revenue, bike sales and growth in subscription revenue. There is also an opportunity to grow our events and corporate revenue streams.”
The campaign is set to close on January 1st.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!