Based in Bristol, Temple Cycles are a workshop that design, produce and sell a range of bikes.
Currently overfunding on Crowdcube, Temple cycles hope to use funds raised from crowdfunding on product development and their marketing strategy.
“We produce a range of bikes at our Bristol-based workshop. We carefully consider each detail of our bike’s designs, from material selection to finishing touches. We also sell a range of parts and accessories. Our ultimate aim is to produce 10,000 bikes per year, growing bicycle manufacturing in Britain and creating skilled and sustainable jobs” writes Matt Mears, founder and CEO of the start-up.
Matt and his team recognised a gap in the market for simple, low-maintenance and stylish bicycles. They aim to fill the gap in the market for a British bicycle brand, produce a range of premium bicycles for daily use and sell them worldwide.
The financials for the bike based start-up look positive. They have seen a growth in sales of 118 percent between years one and two and are already trading profitably.
Working in a UK market of £771 million, the potential for growth is not surprising
“We’re expecting a sales increase to £291k for 2017, helped with the implementation of a marketing campaign to boost our organic growth rate.”
Although Temple Cycles have yet to pinpoint an exit strategy, they remain positive about the different scenarios possible.
“We’ve explored different types of exit scenarios and are confident that Temple Cycles can grow into a business with good exit possibilities. Exit examples include Boardman which sold for a rumoured £20m in 2015 and Wiggle which sold to Bridgepoint PE for £180m in 2011.”
Temple Cycles have surpassed their Crowdcube target of £150,000 and are overfunding, currently at £187,000. They offer an equity of 12.19 percent and have a pre-money valuation of £1,350,000.