Brompton Bikes announced the sale of a £19m stake in the company to growth fund BGF as it looks to accelerate expansion to international markets.
The deal gives BGF an 8% stake in the company, approximately equal to chief executive Will Butler-Adams’ holding and values Brompton Bikes at £180m pre-money and £200m including new funds.
The British foldable bikes retailer said it exports 80% of its bikes with China, Germany and America being its biggest markets. For the year ending in March 2023, Brompton Bikes reported a 21% increase in turnover to £130m.
Butler-Adams said: “We export 80% of our bikes to 46 countries and in November 2022 made our one-millionth bike, a great achievement. But this is not enough, we need to move faster.
“The impact of climate change is being felt by us all and the greatest carbon emissions come from our cities where most of the world’s population now lives.
“Our team at Brompton are brimming with ideas to accelerate our growth through product innovation, storytelling, outstanding stores and having fun with our amazing community. But if we are really going to go for it, we need to strengthen our balance sheet to give us the confidence to be more ambitious.”
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