The Rider Firm secured seven-figure funding from Santander to enable the company to expand further into the United States with a Colorado subsidiary.
The Rider Firm digitally designs, engineers and retails premium bicycle components including carbon and alloy wheels, bicycles and cycling accessories. Its wheel brand, Hunt, is its best seller. It also sells Privateer mountain bikes and Cairn e-bikes.
Financing package includes revolving credit facility and growth capital loan and provides The Rider Firm with the flexibility to grow its business. Gambit Corporate Finance advised The Rider Firm on the deal and Foot Anstey provided legal advice to Santander UK.
Marketing, especially social media and sponsorship of professional cycling teams, is key to The Rider Firm’s plan to increase sales at home and abroad. It also plans to strengthen its workforce with 20 new hires this year. It is working with Santander Universities to recruit two additional people into its Graduate Leadership Program.
As part of its commitment to sustainability, the company is investigating the potential use of recycled materials in its products and is working to achieve B Corp Certified.
Peter Marchment, Founder of The Rider Firm, said: “The entire team at The Rider Firm has worked hard to serve riders by developing the best performance cycling products available. With Santander UK as our funding partner, we are well positioned to grow our direct-to-consumer business and serve more riders in our core UK and US markets and expand into Europe. We are very grateful for the tremendous support from Santander UK and Gambit Corporate Finance in this process.
Peter Abel, Director of Growth Capital at Santander UK, said: “As The Rider Firm’s banking partner, we are proud to have supported its growth and evolution over the past six years. Its technical expertise and research and development have stimulated its growth and its excellent reputation with its customers. We are pleased to provide this latest funding, which will propel its expansion in the UK and overseas.
Jason Evans, Partner, Gambit Corporate Finance, said: “The Rider Firm is an exciting and dynamic company driven by a passion for cycling and its products are widely recognized and highly respected. Gambit Corporate Finance is pleased to provide advisory support on this financing with Santander UK and looks forward to seeing the continued success and growth of the business over the years to come.
The company was founded in 2013 by brothers Tom and Peter Marchment, who started by selling bicycle inner tubes online, directly to customers. Their business has since grown to employ staff at its UK headquarters in Partridge Green, West Sussex, and its US branch in Colorado.