Hunt Wheels owner The Rider Firm secures seven-figure investment from Santander – Business
British online retailer The Rider Firm has secured a six-figure investment from Santander Bank.
The Rider Firm, owners of Hunt wheels, Privateer mountain bikes and Cairn e-bikes, has received a significant boost from the UK-based bank to help boost sales in the UK and US.
Founded in 2013 by brothers Tom and Peter Marchment, who started out selling inner tubes online directly to consumers, it has since grown into an online retailer of high-end components and bikes, now employing staff at its headquarters. British in West Sussex and its American subsidiary. in Colorado.
Santander did not reveal the full cost of the investment, but said it was “seven-figure financing”.
Peter Marchment, Founder of The Rider Firm said: “The entire team at The Rider Firm have worked hard to serve cyclists by developing the best performance cycling products available. With Santander UK as our funding partner, we are well placed to grow our direct-to-consumer business and serve more cyclists in our main UK and US markets and to expand in Europe.We are very grateful for the huge support of Santander UK and Gambit Corporate Finance in this process.
The Rider Firm said marketing, including social media activity and professional sponsorship, is key to sales growth at home and abroad as the company also plans to hire 20 new employees this year.
It is working with Santander Universities to recruit two additional employees into its graduate leadership program and is studying the potential use of recycled materials in its products and is working to achieve B Corp certification, an industry standard. for sustainability and responsible business practices.
Peter Abel, Director of Growth Capital at Santander UK, said: “As The Rider Firm’s banking partner, we are proud to have supported its growth and evolution over the past six years. Its technical and research and development expertise have spurred its growth and excellent reputation with customers. We are pleased to provide this latest funding, which will propel its expansion into the UK and abroad.”
Financing package includes revolving credit facility and growth capital loan. Gambit Corporate Finance advised The Rider Firm on the deal and Foot Anstey provided legal advice to Santander UK.
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Jason Evans, partner at financial advisor Gambit Corporate Finance, said: “The Rider Firm is an exciting and dynamic company driven by a passion for cycling and its products are widely recognized and highly respected. Gambit Corporate Finance is pleased to provide advisory support on this funding with Santander UK and looks forward to seeing the continued success and growth of the company for years to come.