Private equity firm Encore Capital has taken a majority stake in online bike accessories retailer Pro Bike Kit and brought in former M and M Direct chief executive Steve Robinson as chairman.
Robinson, who left discount clothing etailer M and M Direct in September, said he plans to double the bike specialist’s turnover in the next one to two years. It is on track to deliver sales of £20m next year.
The acquisition comes as fellow online bike specialist Wiggle was snapped up by private equity firm Bridgepoint for £180m last week.
Encore partner Khilan Dodhia declined to reveal how much had been invested or what stake it has, but said that international was the main focus for growth and said it the intention is to open “showcase stores” over the next 12 to 18 months.
Robinson plans to bolster the management team and is recruiting a new finance director, buying and merchandising director and marketing director. Pro Bike Kit will ramp up its marketing next year to drive growth.