UK Cycle Centre announced on Thursday it is seeking a minimum of £40,000 on Crowd2Fund as it prepares to grow its product line and begin its European expansion.
The company was launched in 2014 by owner Adam Broadhurst. It currently sells new and approved used bicycles, cycling accessories and allows customers to sell and exchange parts of their bicycles without any extra charges or fees.
“UK Cycle Centre supplies quality bicycles, components, clothing [and] accessories worldwide. They have a superb service that allows users to reduce the cost when purchasing by part exchanging their used bikes, components, clothing & accessories, with free EU collection inclusive.”
Since its debut, UK Cycle Centre has seen its turnover increase by 300% year after year, and it predicts that the turnover will be at least £1 million by the end of year three.
“UK Cycle Centre projects a £1.5m EBITDA after 5 years, at a 10x exit multiple; this would raise a sale amount of £15m. Toward the 5 year milestone, UKCC will review the advantages and disadvantages of increasing the timeline to 10 years. If they can continue or increase the ROI over the period, they would very much enjoy growing for the foreseeable future.”
Along with product growth and European expansion, the funds will be used to hire new staff members, expand the Malvern site, open a new flagship store in the Bristol area, and new website development. Explaining why he and his team turned to Crowd2Fund for the funding, Broadhurst stated:
“We wanted to find a platform for longer term investment. Crowd2Fund as a professional and flexible partner, deliver quickly so was the right choice for UK Cycle Centre.”
The initiative is set to run for another 46 days.
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