Independent bike retailer Pedal Revolution is now under new ownership, with the announcement that its management team has successfully completed a management buyout (MBO).
After an accumulative total of 34 years of putting their heart and soul into Pedal Revolution, owners Gareth Edwards and Neil Turner have decided it is time to take a step back.
The pair had successfully navigated numerous retail market changes, challenges in the industry and a transformation in customer buying habits to create a sustainable business. On January 14th, Pedal Revolution started a new chapter in its history – a new management team is now ready to propel the company forwards.
Leading the new team is managing director Kate Warner, who for the last seven years has been store manager in the Norwich branch. Warner has proven she has the capability to lead and manage by growing the Norwich stores’ performance on a consistent basis over the last seven years. Since joining the team in 2014, her main focus was to offer inspiration and support to fellow female cyclists, and to show Pedal Revolution as an advocate for women’s cycling.
Warner experienced first-hand how male-dominated cycling was and has been instrumental in helping Pedal Revolution overcome these challenges and to become a proud advocate for women’s cycling in sporting, recreational, social and commuting activities.
Completing the new ownership team are three other directors. Matt Watts has over 20 years of experience in project management and a long-term cycling passion. Marc Eales has the wealth and depth of 30 years of retail management experience, and Ben Turner brings a fresh new perspective with his knowledge and experience of e-bikes and a determination to innovate with new customer propositions.
The new team have a clear development plan for the business with new innovations to customer service and hospitality promised throughout their first year. They are also passionate about retaining the underlying 1998 Pedal Revolution philosophy – to offer a city centre cycling centre for cyclists, run by cyclists where every customer’s passion for cycling is shared by each and every team member.
Pedal Revolution’s ability to offer independent choice and advice for a range of top cycling brands is much appreciated by customers and is all part of the aim to deliver not just brilliant customer service but brilliant customer hospitality. “Having a choice, understanding the pros and cons between the bewildering array of bikes and kit is something that we have found local people really appreciate,” said Warner. “They come to us for fair and impartial advice and guidance and we are delighted to help kickstart their cycling journey or give it a refresh to help them achieve the next level.”
“Gareth and I thought long and hard about the next stage for Pedal Revolution and where we would like to see it head,” said Turner. “The obvious answer was to sell it as a profitable business to a rival or national chain. This would have changed the philosophy Gareth and I worked so hard to create with our loyal team over the last 24 years and just did not seem the right thing to do.
“An MBO offered the team the opportunity to take ownership of the business themselves and continue as a privately owned independent within the regional cycling community which Gareth and I believe is vital for our customers and the cycling community.”
Warner added: “This is the most amazing opportunity for Pedal Revolution and the whole team. Words can not express how grateful we all are for Gareth and Neil offering us the MBO. We are all extremely excited and filled with energy and enthusiasm in taking Pedal Revolution into the future and are really looking forward to the new experiences this brings.
“Our focus really will be on bringing our brand values to the forefront of the business and ensuring that we continue to support the whole of the cycling community, offering brilliant customer service and the hospitality everyone expects from us.”
Former independent print and design business owners, and well-known cycling enthusiasts in the local cycling community, Katrina and Barney Phillips said: “A brave move, a new opportunity and a chance to be bold, decisive, and aim high. It’s awesome that it’s headed by a female MD and it’s fantastic news that Neil and Gareth have given an opportunity of a management buy out to the staff at PedRev.
“It would have been easy to sell to a bigger multinational resulting in the business being swallowed up and another independent Norfolk business potentially leaving yet another hole in the high street. It’s always great to support a local business that’s going from strength to strength. We wish Kate and team all the very best.”
Long-standing customer and account manager for supplier ZyroFisher, Greg Simcock, said: “Firstly, a huge thank you to Gareth and Neil, it’s been a pleasure to deal with you for more years than I can remember. Now on to the next chapter for Pedal Revolution and I’m so pleased that the store stays local, as a true independent retailer. I’m looking forward to more of the same great service and amazing new products, good luck Kate and the team!”