A Bristol bike company has launched a £625,000 bond offer on Triodos Bank's crowdfunding platform.
Temple Cycles, which designs and builds sustainable bikes from its workshop on Brookfield Trading Estate, said the cash raised would be used to grow the business and fund investment in new e-bike activities.
The company was formed in 2014 and uses traditional steel as an alternative to more conventional materials such as carbon fibre, 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 business now has more than 15,000 customers across 30 countries.
The growth at Temple Cycles has been, in part, driven by the pandemic, according to the firm, as people turned to cycling during lockdown. It also said it expects growth in the business as commuters return to the workplace.
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.”
According to Triodos, the e-bike market is expected to be worth £90bn globally by 2030. E-bikes now account for over a fifth of total bicycle spend in the UK. 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.
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.”
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