UK-based e-retailer The Rider Firm has secured a six digit investment from Santander bank.
The Rider Firm, owner of Hunt wheels, Privateer mountain bikes and Cairn e-bikes, has received a significant boost from the UK-based bank to help increase sales in the UK and in the US.
Established in 2013 by brothers Tom and Peter Marchment, who started out selling inner tubes online direct to consumers, has since expanded into an e-retailer of premium components and bikes, now employing staff at its UK headquarters in West Sussex, and its US subsidiary in Colorado.
Santander did not reveal the total cost of the investment, but announced it is “seven-figure funding.”
Peter Marchment, founder of The Rider Firm said: “The whole team at The Rider Firm have worked hard to serve riders by developing the best available performance cycling products. With Santander UK as our funding partner, we are well positioned to grow our direct-to-consumer led business and serve more riders in our core UK and US markets and expand into Europe. We are very grateful for the tremendous support of both Santander UK and Gambit Corporate Finance in this process.”
The Rider Firm said that marketing, including social media activity and professional sponsorship, is key to the growth of sales at home and abroad, as the company also plans to hire 20 new staff this year.
It is working with Santander Universities to recruit an additional two staff to its Graduate Leadership Scheme and is researching the potential use of recycled materials in its products and working toward gaining B Corp Certification, an industry standard for sustainability and responsible business practice.
Peter Abel, growth capital director at Santander UK, said: “As The Rider Firm’s banking partner, we are proud to have supported its growth and evolution over the past six years. Its technical and research and development expertise have driven its growth and excellent reputation among customers. We are pleased to provide it with this latest funding, which will propel its expansion in the UK and overseas.”
The funding package includes a revolving credit facility and Growth Capital loan. Gambit Corporate Finance advised The Rider Firm on the deal and Foot Anstey provided legal advice to Santander UK.
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Jason Evans, partner at financial advisor Gambit Corporate Finance, said: “The Rider Firm is an exciting and dynamic business driven by a passion for cycling and its products are widely recognised and very well-respected. Gambit Corporate Finance is pleased to provide advisory support on this funding with Santander UK and looks forward to seeing the continued success and growth of the business over the years to come.”