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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