Ribble Cycles hails ‘Bradley Wiggins’ effect
Ribble Cycles – the Lancashire-based internet retailer of bikes, cycle clothing, parts and accessories – has reported a 22 per cent increase in annual profits.
The business, which employs 50 people at its base at Walton Summit, increased pre-tax profits for 2012 to £2.6m, up from £2.13m the year before.
It marks another record performance for Ribble Cycles, which sells to customers around the UK and overseas. The company has just completed a deal to acquire new premises at Walton Summit which will increase capacity to 43,000 sq ft and greatly improve efficiency.
Terry Dove, managing director of Ribble Cycles, said: “The success of Sir Bradley Wiggins in last year’s Tour de France and the coverage of cycling at the London Olympics has had a marked effect on our performance. Our increase in profitability has, however, been mainly due to the strong and growing demand, both here and overseas, for our own Ribble bike brand. 2013 will be a more challenging year for us as we deal with the move of our entire operation to larger premises.”
Partner at Moore and Smalley, which has advised the company on its acquisition of new premises, said: “Ribble Cycles has developed an incredibly strong and loyal online customer base and these hugely impressive financial results reflect the company’s ever-growing stature. The company is on track to deliver another good performance in 2013 and its move to larger premises will benefit the business significantly.”
Ribble Cycles is one of the oldest cycle retailers in Preston, having being established in 1897. Originally trading from premises in Watery Lane, Preston, business in more recent times has been conducted exclusively via the internet.