J’s Cycle Shack has secured a £200,000 loan from the Northern Powerhouse Investment Fund (NPIF) – Mercia Debt Finance, which is managed by Mercia and is part of the NPIF, following its takeover of a store in Leeds.
The retailers, which had three existing outlets across Yorkshire, stepped in to save the triathlon shop Triangle following the death of its owner Adam Nevins in April this year.
Situated in Guiseley, Triangle was established more than 25 years ago and has served Team GB and professional athletes. The funding will allow the new owner to expand the business and create two new jobs.
J’s Cycle Shack is led by 30-year-old cycling enthusiast James Wagner.
He founded the company in Knottingley in 2014 at the age of 21, with the support of John Tanner, a retired professional cyclist who had competed in the Olympics and the Commonwealth Games and who continues to work in the business.
The company now also has a store in Epworth, near Doncaster, and a warehouse and showroom in Wakefield and employs 11 staff across the four sites.
The company’s turnover has trebled in the past three years, driven by the growing popularity of cycling.
Wagner said: “Cycling is a sport with so many benefits. It is enjoyable, environmentally friendly, good for your health and wellbeing, and it helps foster a sense of community.
“It is an honour to have taken on the Triangle store and we are keen to build on the business that Adam created. The funding will provide additional working capital to enable us to expand the range, increase stock levels and employ new team members.”
The NPIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Andy Clough of Mercia added: “James and the team are passionate about cycling and offer an expert service catering for cyclists of all abilities.
“The company has become the fastest growing independent in the North of England. It is good to be able to support them as they continue their expansion and help more people discover the joys of cycling.”