BGF invests £2.8m in Rutland Cycling

The fresh capital will be used to refurbish and expand the company's existing retail outlets as well as aid national expansion, as Rutland plans on opening four new stores over the next four years. Furthermore, the investment will be used to develop the business's e-commerce offering.

Company
Established in 1981, Rutland Cycling sells and hires out cycling products from its four stores in the Midlands, and through its website. The company also offers workshop and test-ride facilities.

The business has an annual turnover of around £10m.

People
BGF has introduced Keith Pacey and Keith Fleming to the business, who will join as non-executive chairman and non-executive director respectively. Rutland is led by Paul Archer and David Middlemiss. Tim Whittard, investment director at BGF, will also join the company's board.

Advisers
Equity – Browne Jacobson (Legal); Keith Reming (Financial due diligence); Claritas (Tax).
Company – Hegarty (Legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• BGF (Business Growth Fund)
• United Kingdom