The UK’s largest supplier of electric bikes has moved to new premises with financial support from Barclays.
Loughborough based 50cycles.com has moved to the new 10,000 square foot site at Charnwood Business Park in Loughborough.
The business was started by brothers Scott and Tim Snaith from their spare bedroom fourteen years ago, bringing technology from Tokyo, Japan all the way to London following the need to source an electric bike for daily commuting. The company has since grown to become the largest supplier of e-bikes in the UK.
The company has grown its representation across the country with shops in London, Shoreham and Bristol as well as partnerships with a number of other “Demo-Agents” across the UK.
Scott Snaith, director of 50cycles, said: “The business was grown more than we could have imagined. From what started as a personal quest to find an electric bike for myself has turned into a fully-fledged business. Our former premises simply became too small which instigated the move to our new site which acts as our Head Office”.
Funding for the premises was provided by Barclays in the form of a commercial mortgage along with an EFG loan.
Andy Tidmarsh, relationship manager at Barclays, East Midlands said: “Scott and Tim have a fantastic business which has grown rapidly having identified a gap in the market some 14 years ago. Cycling is growing in popularity both from a fitness and environmental point of view and 50cycles have capitalised on this growth. I am delighted we have been able to support them with the purchase of their new premises which will provide a platform on which they can further develop the business”.