Having recently acquired the premises of Islington’s Mosquito Bikes in 2016, Velorution has announced that it will now acquire Fitzrovia Cycles.
The newly acquired store, which specialises in rare and vintage road and fixed gear bicycles – will now become a part of the Velorution brand.
Managing director Jonathan Cole commented: "We are really excited to welcome Fitzrovia Bicycles to the Velorution family with our acquisition of certain assets of this iconic bike store."
The acquisition was made after Fitzrovia – based in New Cavendish street – reached the end of their current lease. Spiralling rents and rates in the area made it impossible for the store, which had a very heavy focus on workshop services and bike building, to continue trading.
"When Fitzrovia approached us we made a very quick decision to move all their retail and workshop facilities to our Great Portland St locations less than 500 metres away so that customers could continue to enjoy the Fitzrovia customer experience uninterrupted," concluded Cole.
Cole, who has scaled premium consumer propositions in the past, leads Velorution. Over the last few years, as well as tripling the size of the business, he has focused on building a team around him to help rapidly expand the business. In 2016 Velorution successfully crowdfunded via Seedrs to accelerate their expansion.