The UK manufacturer (based in Stratford-upon-Avon) is seeking investment to accelerate its growth in three key areas fast revolutionising the rapidly growing sustainable transport market.
It will support existing product development in e-cargo delivery cycles, electric assist leisure cycles, and bike share products for public and private hire schemes.
Pashley is well-placed to deliver. It already has an award-winning e-cargo cycle in production* and is in advanced trials with major delivery fleets. It is already the manufacturer behind Britain’s successful bike hire schemes – in London and the West Midlands - and it is planning to launch a much-requested classic consumer e-bike in 2024.
The global e-bike market is set to be worth almost £100bn by 2030. The e-cargo market is predicted to rise from a value of £1.7bn in 2023 to £5.2bn over the next 10 years.**
The crowdfund, launching mid-November through Seedrs, will help support Pashley’s strategy for growth.
“We’re a business with our eyes very much on the future as we approach our centenary,” said Adrian Williams, Pashley’s Chairman.
“In an industry where 98% 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 in the Midlands, just as we have since the 1920s. At the very heart of our business remains excellence in British design, innovation, and quality UK manufacture.”
Pashley was founded in 1926, making bikes and trikes for both the consumer and commercial markets from its factory in Birmingham until the mid-1960s, when it relocated to its current premises in Stratford-upon-Avon. In 1994 the Williams family took on majority ownership of the business from the Pashley family and remain the main shareholders to this day.
Pashley has supplied Royal Mail for over 40 years and worked with many iconic brands including Mulberry and Montblanc, supplied to renowned hotels such as Gleneagles, featured in films including the beloved Paddington, and sold its bicycles in over 45 countries worldwide.
The fund raising will enable Pashley to strengthen development activity and invest in the team going forward. This follows a period where the cycling industry faced well-documented challenges resulting from the Covid pandemic when bicycle manufacturers, including Pashley, sought to balance huge demand during lockdown with major supply chain issues. This was followed by a significant build in inventory as demand in traditional markets slowed.
“Our long-standing relationships with suppliers meant we were able to manage demand during the cycling boom and this, together with our success in the bike share market, delivered strong growth for Pashley during the pandemic,” Mr Williams continued.
“The focus on day-to-day management of the business through this period has however slowed our development pipeline, and we are now seeking to reinvest in accelerating that growth.
“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.”
The crowdfund is currently in the pre-registration stage, launching to those who have pre-registered their interest on November 9th, followed by the public launch on November 16th.
