Promovec Holdings ups stake to full ownership of Batribike

Promovec Holdings and Batribike have taken the relationship further with the announcement this week that the Danish electric bike battery specialist will fully acquire the UK bike brand.

Since 2017 there has been a partnership whereby Promovec invested in the Batribike brand as a minority shareholder. Now the Coulson family, founders of the bike brand, have sold the remaining stake.

Steve Coulson, current MD of Batribike and his wife Jackie, current Admin and Compliance Manager are approaching retirement age so their family company Coulson Holdings has sold, resulting in the creation of Batribike Limited, a wholly owned subsidiary of Promovec Holdings.

When a new MD is appointed by Promovec Steve Coulson will step down as managing director but will continue working for Batribike for as long as required to facilitate a smooth transition.

Jesper Lundqvist, Promovec Holdings CEO commented: “We are looking forward to working with our dealer network to grow the business together and to develop the future e bike range”.

When a new managing director is appointed, the main responsibility will be “to grow the business further and move Batribike from the number four preferred supplier to independent stores, as discovered in CI.N research in 2021 to the number one position in future surveys.”

Over the last five years Batribike Limited has grown year-on-year and despite the difficulties that the pandemic posed with component shortages, factory closures, logistics issues etc has apparently managed to provide high levels of service to the Batribike dealer network.

This has been possible due to the very close working relationship between the two partners.

With the investment that Promovec can bring, not only financially, but also in terms of product development expertise, Batribike, as the UK arm of Promovec Holdings, will be well-placed to continue growth of the brand and bring it closer to all customers.