Parent to WyndyMilla and others raises £740,000

The Spoon Group – parent to bike brands WyndyMilla and Spoons Customs, as well as custom paint shop Gun Control Paint – has closed a financing round worth £740,000.

Raised in a bid to develop the portfolio of road and gravel bikes, as well as bring in fresh expertise to achieve the goals and deliver on customer experience, the funding will further the firm’s ambition and capabilities. On the road map will be a first foray into performance custom electric bikes.

The Spoons Custom and WyndyMilla businesses came together in 2019, starting the journey toward becoming a larger group.

The new company, led by Spoon Customs Founder Andy Carr, was created when former Ovo Energy retail boss Chris Houghton identified an opportunity to rejuvenate the esteemed WyndyMilla bike company by bringing in the fresh approach of award-winning start-up, Spoon Customs.

After a successful private round brought in almost £300k in new investment, long-term debt partner and institutional investor FSE Group stepped in with matched funding through its Enterprise M3 initiative, bringing the total raised to £740k and valuing the bespoke bike company at £3.7million.

Andy Carr, Chief Executive Officer of Spoon Group says of the company’s vision: “Cyclists these days know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands and this new funding will help us shift more people away from mass produced equipment, in favour of a better bike made with perfect fit, fabrication and finishing, designed for individual performance needs.”

The reviews Carr alludes to have come fast for the newest bike, the Spoon Vars Disc. The Vars is a completely new made-to-measure carbon road bike which offers all the performance benefits available from any of the big brands, but with the added advantages of perfect fit, fabrication, and finishing, leaving no detail overlooked.

Moving forward, Spoon’s plans include developing a new performance eBike in 2023.

This will enable the company to take part in growth in the eBike space whilst growing their international customer base by increasing brand awareness and distribution, welcoming more people into the unique experience of designing and owning a custom bike.

Paul Lyristis, Investment Manager, South East for The FSE Group, commented: “We were impressed by Spoon’s track record and the expertise of the senior management team and investors. The fund has supported the business since 2016, and it is encouraging to see the growth of the business with great products that are receiving increasing recognition. We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris and the team to ensure they reach their goals for growth.”

The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.