BGF backs British bike business Rutland Cycling with £2.8m


rubber_bike_tyre_170sqBritish investment house BGF has backed independent bicycle retailer Rutland Cycling with £2.8m to help it expand nationwide.

BGF has also introduced founder and former CEO of Maplin Electronics Keith Pacey and ex-Woolworths CEO Keith Fleming to the business, with both now set to join the company’s board.

Tim Whittard from BGF will also join the board when the deal is completed.

He said, “Rutland Cycling is a business with a thirty year heritage that has developed a strong brand and fantastic relationships with the UK’s best-selling bike companies.

“With the rising popularity in cycling, has come high levels of competition from online retailers in this space and Rutland’s combined bricks and mortar and e-commerce strategy and its differentiated customer offering has enabled it to hold its own in this competitive market.

“Our investment marks the start of a partnership with the company and we look forward to working with the management team, Keith Pacey and Keith Fleming to take a successful well established model and expand it across wider geographies and to reinforce the business’ place in the cycling retail market.”

Copyright © 2014 AltAssets