Hunt wheels owner The Rider Firm secures seven digit investment from Santander 

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.

Read more: British bike brand Ribble introduces Shimano 105 Di2 to key ranges  

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.”   

Alex Ballinger

Recent Posts

Silverfish UK announces Alex Metcalfe as commercial director

Cornwall-based distributor Silverfish UK has appointed Alex Metcalfe to its board to lead the sales…

2 days ago

Top five jobs in the bike trade this week – 30th September 

The BikeBiz jobs board filled over 750 positions in 2021, and listings are still on…

2 days ago

Altura launches new winter collection for 2022 

British clothing brand Altura has released its new collection for winter 2022, covering the urban,…

2 days ago

Yamaha launches own-brand e-bikes in MTB, gravel and urban sectors

Japanese motor industry giant Yamaha has expanded its e-bike offering to include three own-brand electrically…

2 days ago

Specialized appoints David Schriber as chief marketing officer

US bike brand Specialized has appointed David Schriber as its chief marketing officer. This week…

2 days ago

BikeBiz’s guide to the best gifts for cyclists

BikeBiz takes a look at the latest gifts for cyclists from leading brands including Weldtite,…

2 days ago