BikeBiz Bicycle and cycling retail news
Pashley, Britain’s longest-established bicycle maker, is launching a crowdfunding campaign, inviting its customers to join its forward journey for the first time in its 97-year history.
The UK manufacturer is seeking investment to accelerate its growth in three key areas.
It will support existing product development in e-cargo delivery cycles, electric assist leisure cycles, and bike share products for public and private hire schemes.
Pashley already has an award-winning e-cargo cycle in production and is in advanced trials with delivery fleets.
It is the manufacturer behind some of Britain’s bike hire schemes – in London and the West Midlands – and it is planning to launch a classic consumer e-bike in 2024.
The global e-bike market is set to be worth almost £100 billion by 2030. The e-cargo market is predicted to rise from a value of £1.7 billion in 2023 to £5.2 billion over the next 10 years.
This crowdfund, launching mid-November through Seedrs, will help support Pashley’s strategy for growth.
Adrian Williams, Pashley’s chairman, said: “We’re a business with our eyes very much on the future as we approach our centenary.
“In an industry where 98% of cycles sold in Britain are shipped in from overseas, Pashley is very proud to do things differently. We build every cycle by hand at our factory in the Midlands, just as we have since the 1920s. At the very heart of our business remains excellence in British design, innovation, and quality UK manufacture.”
Pashley was founded in 1926, making bikes and trikes for both the consumer and commercial markets from its factory in Birmingham until the mid-1960s, when it relocated to its current premises in Stratford-upon-Avon.
In 1994 the Williams family took on majority ownership of the business from the Pashley family and remain the main shareholders to this day.
Pashley has supplied Royal Mail for over 40 years and worked with many brands including Mulberry and Montblanc, supplied to hotels such as Gleneagles, featured in films including Paddington, and sold its bicycles in more than 45 countries worldwide.
The fundraising will enable Pashley to strengthen development activity and invest in the team going forward.
Williams added: “Our long-standing relationships with suppliers meant we were able to manage demand during the cycling boom and this, together with our success in the bike share market, delivered strong growth for Pashley during the pandemic.
“The focus on day-to-day management of the business through this period has however slowed our development pipeline, and we are now seeking to reinvest in accelerating that growth.
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“Pashley is today well-positioned in the sustainable transport market, with a great product offering both for business and leisure use. It is a proven innovator and has an authentic, premium lifestyle brand. It’s an exciting opportunity for our customers and followers to join us for the first time in our history, as we travel toward our next 100 years.”
The crowdfund is currently in the pre-registration stage, launching to those who have pre-registered their interest on Thursday, November 9, followed by the public launch on Thursday, November 16.
