Performance bike manufacturer Planet X is gearing up for growth and planning to create 50 jobs over the next three years, with backing from Barclays Bank.
The business, founded in Sheffield 20 years ago, has grown to become Britain’s second biggest bicycle builder, selling direct to cyclists around the world.
With Yorkshire named as the start location for next year’s Tour de France, Planet X wants to make sure it takes maximum advantage of the world’s premier cycling event.
Planet X’s chief executive is David Hanney, who spent six years as chief financial officer at GO Outdoors, during which time the Sheffield-based leading UK outdoor clothing and equipment retailer went from having just three stores to more than 40.
“Barclays funding underpins our growth plans,” said Mr Hanney. We design high quality performance bikes, source the best components and assemble the bikes here in Sheffield to order. The funding will help create 50 jobs over the next three years.
“As passionate riders the timing is perfect as we are all thrilled and excited at the prospect of Le Grand Depart coming to Yorkshire and the new partnership with Barclays will allow us to grow in the run up to Le Tour De France.”
Mr Hanney says the company has used some of the funds to bring assembly back to the Sheffield region from the Far East, reducing the time it takes to supply tailor-made bikes to its customers and the money it has tied up in stock without having a noticeable impact on costs.
The company is also opening a store in Barnsley and considering further store growth.
Planet X has transferred its day to day banking to Barclays together with working capital, term debt and foreign transaction capability. It has also negotiated borrowing facilities for its customers through Barclays Partner Finance.
Barclays’ Pete Wilmer said: “The new funding will allow David and his team to take advantage of the opportunities arising, leaving the business well placed for future growth.”
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