Bristol-based bike company Temple Cycles has launched a £625,000 bond offer on the Triodos crowdfunding platform to grow its business and fund investment in its new e-bike activities.
Temple Cycles designs and builds high-quality, sustainable bicycles from its Bristol workshop, offering a range of bikes for all kinds of cycling, from urban commuting to multi-terrain adventures.
Formed in 2014, Temple Cycles now has over 15,000 customers across 30 countries with sustainability lying at the heart of the way it produces bikes. A highly skilled team of bike builders creates bikes that benefit from a lifetime frame warranty and that are easy to fix and maintain in a move designed to challenge the throwaway culture associated with many consumer brands, including within the cycling industry.
Temple Cycles also uses traditional steel as an alternative to materials such as carbon fibre, which are harder to recycle, have a short product life cycle and a high carbon footprint. The steel comes from 70% recycled sources and can be recycled at the end of its life.
The growth at Temple Cycles has been in part driven by the Covid-19 pandemic. Temple Cycles entered the e-bike market in 2021 and the bond proceeds will allow the company to refine and develop its range of e-bikes, to complement its conventional bikes.
Investment is available from £50 and the bond is eligible to be held in a Triodos Innovative Finance ISA. The £625,000 seven-year bond will pay 6% per year interest. As with all investments, interest and repayment of capital are not guaranteed. As with all ISAs, there are eligibility criteria and you receive interest tax-free. ISA eligibility does not guarantee returns or protect consumers from losing their money.
Matthew Mears, chief executive of Temple Cycles, said: “The events of the past two years have actually enabled the cycling industry to flourish and we believe this will be a lasting legacy. As the UK seeks to decarbonise its transport system, active travel and e-mobility now have strategic importance which will help strengthen the growth opportunities within the cycling industry, as too will the continuing national focus on our individual wellbeing.”
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Jeremy Pannell, senior corporate finance manager at Triodos Bank UK, added: “As a passionate cyclist, I have experienced first-hand the physical and mental health benefits of cycling. It has been a joy to see cycling become a hugely popular past time and I’m sure that many keen cyclists will be interested in supporting an independent retailer through this new bond offer.
“As a bank we have made public commitments to achieving net zero by 2035. Cycling plays an important role in the national decarbonisation agenda and we are really pleased to be helping Temple Cycles raise the finance they need to grow.”