Oxfordshire women’s cycling specialist retailer Velovixen has secured £500,000 in external investment.
Chelverton Asset Management Limited (‘Chelverton’), a Bath-based investment management firm, confirmed that they will be acquiring a minority equity stake in VeloVixen’s parent company Pedalling Forth Ltd.
The business has proved particularly successful online with a policy to offer free delivery and returns on clothing orders over £30, allowing female cyclists to ensure they get the right fit and product for their needs.
VeloVixen’s CEO, Phil Bingham, said: “We are delighted to have secured the next phase in our development with such a respected institution.
“It’s not just that investment will allow us to put our plans into action – to broaden our marketing reach, our range, our team and the profile of women’s cycling. The important fact is that Chelverton, despite being eminently decent folk, don’t do deals for fun. They are experienced and discerning investors with real commercial savvy.
“They’ve seen the immense potential in women’s cycling. And over the last nine months, they’ve looked at VeloVixen from every angle and been attracted by our profile and reputation within women’s cycling. We look forward to working with them to grow VeloVixen whilst never losing our family firm ethos.”
Chelverton Investment Director, Richard Bucknell, who led the transaction on behalf of Members of Chelverton Investor Club, commented: “In a market where online is already a strong and accepted retail channel, VeloVixen has forged a niche position, and brand-recognition way beyond its current size. Its differentiated offering, in an otherwise largely price-driven, homogeneous sector, really stands out, and we’re delighted to support Phil and Liz in seeking to exploit their ambitious growth plans over the coming years. ”
VeloVixen was recognised as Female Specific Retailer of the Year at the 2015 Total Women’s Cycling Awards. They stock more than 40 brands on their website and make regular appearances at events.
Founded by cycling enthusiasts Phil and Liz Bingham, following a year-long cycling expedition through the Americas in 2010, the male bias within the industry and the limited options for apparel designed and cut with female riders in mind led the Binghams to seize the initiative and VeloVixen commenced trading in 2012.
You can follow VeloVixen on Twitter here.
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