UK e-bike and e-scooter specialist Pure Electric has secured a £10 million inventory finance facility from Secure Trust Bank Commercial Finance.
Founded in 2018 by entrepreneur Adam Norris, Pure Electric now employs 284 people and retails personal electric vehicles and accessories online and in 17 stores across the UK. It also has demonstration, service and repair centres at selected stores and recently opened eight locations across mainland Europe in France and Spain.
Pure Electric said it was looking for additional working capital to finance its ongoing growth, following expansion both domestically and internationally, with new locations including London Bridge, Edinburgh and Paris. The business also continues to expand and diversify its product offering with the addition of a second-generation line of e-scooters and a range of hybrid e-bikes.
The £10 million facility provided by Secure Trust Bank Commercial Finance will support Pure Electric in continuing to meet demand as its customer base grows across the UK and Europe. The deal was introduced to Secure Trust Bank Commercial Finance by EY, and Pinsent Masons advised on the deal.
Stephen Marshall, CFO at Pure Electric, said: “At Pure, we’re here to revolutionise urban travel with differentiated products and services that benefit our riders and the planet, as we seek to reduce pollution, travel times and congestion in cities across the globe.
“Secure Trust Bank is now helping us to take that to the next level with this facility. The team worked flexibly and made the process straightforward and efficient. This working capital will enable us to expand our operational capabilities and make improvements to the Pure offering, allowing us to bring the reality of a cleaner, healthier future closer than ever before.”
Matt Broomfield, regional sales director at Secure Trust Bank Commercial Finance, added: “Pure Electric is a growing international brand focussed on creating a better future using products that put the planet first. It has a strong management team with a passion for new, game-changing technology and has quickly become a market leader.
“We worked closely with the management team to understand plans for the business in the years ahead and it was clear that continued product development was essential to growth. We were able to create a flexible facility at a key moment in the company’s growth journey, and we look forward to seeing their growth continue.”