Stratford bike maker launches its first ever crowdfunding scheme
PASHLEY has launched a crowdfunding campaign with the aim of using the investment to accelerate its growth in the sustainable transport market.
The Stratford-based bike manufacturer announced it was inviting its customers to invest for the first time in its 97-year history.
Money from the fund, the company said, will be targeted at three areas:
- Support for the existing product development in e-cargo delivery cycles.
- Electric assist leisure cycles.
- Bike share products for public and private hire schemes.
Pashley’s chairman Adrian Williams said: “We’re a business with our eyes very much on the future as we approach our centenary.
“In an industry where 98 per cent of cycles sold in Britain are shipped in from overseas, Pashley is very proud to do things differently. We build every cycle by hand at our factory, just as we have since the 1920s. At the very heart of our business remains excellence in British design, innovation, and quality UK manufacture.”
The crowdfund is currently in the pre-registration stage through the website Seedrs. It will be launched to those who have pre-registered on 9th November and opened to the general public a week later.
It not yet known how much Pashley aims to raise or on the terms on offer to investors.
The firm currently has an award-winning e-cargo cycle in production and said it is in advanced trials with major delivery fleets.
It is also the manufacturer behind successful bike hire schemes in London and the West Midlands and is planning to launch a classic consumer e-bike next year.
Pashley, which was founded in 1926 and relocated to its current premises in Stratford in 1994, has supplied Royal Mail with bikes for more than 40 years and has traded in over 45 countries.
The majority ownership of the business is with the Williams family, which took over from the Pashley family.
Mr Williams added: “Pashley is today well-positioned in the sustainable transport market, with a great product offering both for business and leisure use.
“It is a proven innovator and has an authentic, premium lifestyle brand.
“It’s an exciting opportunity for our customers and followers to join us for the first time in our history, as we travel toward our next 100 years.”
Visit Seedr online to find out more.