Trek Bicycles lends £2 million to bike retailer
Trek Bicycles has lent its financial support to growing bike shop chain Balfe’s Bikes, with a £2 million loan to be repaid in September 2027.
Balfe’s Bikes annual financial statement (year ending 31 March 2022) details the loan, which took place in September 2022.
Balfe’s Bikes has been growing in recent years, opening its 11th store in 2021 (in Chiswick) following the Covid-19 lockdown boom for cycling. Its expansion in recent years included taking over the store unit of Pearson Cycles (one of the oldest bike shops in the world), in 2020.
Trek gave this statement to CI.N: “Our business has been founded on IBDs and making our retailers successful for more than three decades,” said Nigel Roberts, Trek UK+ Country Manager. “As part of this, to our partner retailers we offer a range of services, advice and support over and above supplying product. In some cases, this has included financial support through longer terms or loans where both Trek and the retailer can benefit. We don’t comment on any specific cases but we are pleased to have been able to support Balfe’s in the development of their business.”
Balfe’s Bikes co-owners Richard Balfe & Mike Rice added: “Trek have been a long-term supplier and a highly valued supporter to Balfe’s Bikes with an array of products, services, and resources over many years. We are very pleased that Trek have continued their support to Balfe’s Bikes with this loan, which will enable the business to continue to expand and further develop over the coming years.”
