A Bristol bike company has launched a £625,000 bond offering on Triodos Bank’s crowdfunding platform.
Temple Cycles, which designs and builds sustainable bikes from its Brookfield Trading Estate workshop, said the funds raised would be used to expand the business and fund investment in new e-bike businesses.
The company was established in 2014 and uses traditional steel as an alternative to more conventional materials such as carbon fiber, which it says is harder to recycle. The steel comes from 70% recycled sources and can be recycled at the end of its life. The company now has more than 15,000 customers in 30 countries.
Temple Cycles’ growth has been, in part, driven by the pandemic, the company says, as people have turned to cycling during the lockdown. He also said he expects business to grow as commuters return to work.
Matthew Mears, Managing Director of Temple Cycles, said: “The events of the past two years have actually allowed the cycling industry to thrive and we believe that will be a lasting legacy. As the UK seeks to decarbonise its transport system, active travel and electric mobility are now of strategic importance which will help bolster growth opportunities within the cycling industry, as will the continued national focus on our individual well-being.
According to Triodos, the e-bike market is expected to be worth £90 billion by 2030. E-bikes now account for more than a fifth of total bicycle spending in the UK. Temple Cycles entered the e-bike market in 2021 and the proceeds from the bond will allow the company to refine and expand its range of e-bikes, to complement its conventional bikes.
Jeremy Pannell, Senior Director of Corporate Finance at Triodos Bank UK, added: “As an avid cyclist, I have experienced firsthand the physical and mental health benefits of cycling. It has been a joy to see cycling become a hugely popular pastime and I’m sure many avid cyclists will be interested in supporting an independent retailer through this new bond offering.
“As a bank, we have publicly committed to achieving net zero by 2035. Cycling plays an important role in the national decarbonization agenda and we are truly delighted to help Temple Cycles raise the funds they have need to grow.”
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