50 Cycles targets £10 million turnover with succession of UK store openings

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50 Cycles has opened a new branch in Altrincham in Greater Manchester, giving the electric bike specialist chain a fifth location.

Turnover for Scott Snaith’s business last year amounted to £3.5m and is expected to top £5m by the end of next year. The company is now targeting five other major UK cities for new stores and has earmarked a £10m turnover within the next eighteen months. Snaith confirmed to CyclingIndustry.News that he had now closed the Sheen branch in favour of a new store in Twickenham, set to open on May 20th.

So far, the company has sold more than 25,000 electric bikes and already has four other stores: London, Brighton, Bristol and Loughborough.

The new Altrincham store, which has already created five new jobs and engaging local suppliers, is located on Church Street. It offers all the major premium brands in the market including: Kalkhoff, Cube, Giant, Scott and Raleigh. In addition, the company has developed its own range of branded cycles called Beat Bikes. The company is also organising guided tours around Altrincham and the Trans Pennine Trail so customers can ‘try before they buy’.

Scott Snaith, managing director of 50cycles, said: “We’re excited to launch our new store in Altrincham. We intend to make it the hub of the North West for our business. We’ve always had a large concentration of customers from Cheshire and Greater Manchester through our online sales and we felt that it was sensible to open a physical store so customers have easier access to ‘test ride’ the bikes. We firmly believe it takes a test ride to understand what an e-bike can do for you.

“Altrincham is a strategically important location for our business and our existing customer base. It’s has brilliant access to cycleways, a popular commuter location for people working in and around Manchester, Liverpool and Cheshire and the demographics surrounding the town are perfect.