Two owners of cycling skincare brand VeloSkin have acquired the company in a management buy-out (MBO) after a dramatic rise in product sales.
Andrew Banks and Chris Iredale have bought out the company’s other partners, co-founders Chris and Tanya Bairstow along with minority shareholder Paul Roper, following a period of rapid, sustained growth for the brand from the entire team. Both online and in-store sales have increased significantly, with online sales rising by 12 times across 2020 and the customer database growing by an impressive 42 times.
Banks said: “We’re absolutely delighted that VeloSkin continues on its impressive growth trajectory and we thank Chris, Tanya and Paul for all their hard work on the brand. When the opportunity arose to buy out our other partners, we felt it was too good a chance to miss.
“We have always believed in the quality and potential of the brand and our rapidly growing customer base illustrates that customers globally appreciate and buy into the VeloSkin offering. It’s a very exciting time for everyone associated with the brand and we’re now 100% focussed on growing this even further and are looking for new partnerships with distributors and online retailers.”
VeloSkin’s Chamois Cream is now the best-selling product of its type on Amazon, having overtaken two previous market leaders during the summer.
Online sales have been driven by e-commerce specialist Andrew, with a global uplift in demand for products both through the VeloSkin website and Amazon. A former Head of Ecommerce for Matalan, Andrew runs the highly successful ecommerce business Venture Forge, that specialises in growing sales for brands on Amazon. Additionally, VeloSkin’s Chamois Cream is now the best-selling product of its type on Amazon, having overtaken two previous market leaders during the summer.
Business coach and mentor Chris, meanwhile, has developed partnerships and sales through cycling shops in the UK and international distribution outlets both in Europe and the US, as well as securing many partnerships for VeloSkin including their sponsorship of cycling teams. Chris also runs business growth consultancy Thriven.
The company has recently renewed its commitment to sponsor British cycling team Ribble Weldtite throughout 2021. VeloSkin first partnered with the team last year and its range of products have enabled the professional riders to maximise their performance in the toughest conditions.
The business has also signed a new one-year sponsorship deal with Canyon DHB, which like Ribble Weldtite competes at UCI continental level across the UK, Europe and worldwide.
Banks said: “These sponsorship commitments represent a significant step up from us as a company and signify the confidence that Chris and I have in buying out the business.