Temple Cycles, a UK bicycle brand, has launched an equity crowdfunding campaign on Crowdcube as it prepares to grow its British bicycle manufacturing.
The company, which was launched in 2014 by founder and bicycle industry vet Matt Mears, stated it design, produces and sells a range of bicycles from its Bristol-based workshop. Temple Cycles also sells a range of bike products and accessories. It is also aiming to produce as many as 10,000 bikes per year, and there was an 118% sales growth from year 1 to 2 with minimal marketing spend and its 2016 total sales was £125,571. The company revealed:
“We aim to fill the gap in the market for a British bicycle brand, produce a range of premium bicycles for daily use, and sell them worldwide. We sell our bicycles and other products to a growing multi-billion pound market, we know how to make them and we have a manufacturing plan to scale production.”
Temple Cycles also noted that the majority of our competitors mainly outsource their production from the UK and sell through retailers:
“We believe our model has benefits over this; continual development of products with direct customer feedback, a better quality product for a similar price-point and a strong brand story going forward to promote our business.”
Funds from the Crowdcube campaign will go towards product development (£80) and implementing Temple Cycles’ marketing strategy (£70). Originally seeking £150,000, the campaign has already secured its initial funding target and has surpassed £160,000 thanks to more than 80 investors. The initiative is set to close at the end of March.
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