Bristol bike retailer Temple Cycles launches £625,000 crowdfunding campaign

Temple Cycles 1

A Bristol-based bike retailer has launched a £625,000 bond offer on the Triodos Crowdfunding platform to grow its business and to fund investment in its new e-bike activities.

Temple Cycles designs and builds high-quality, sustainable bicycles from its Bristol workshop. It offers  bikes for all kinds of cycling, from urban commuting to multi-terrain adventures. Formed in 2014, it now has over 15,000 customers across 30 countries.

Sustainability lies at the heart of the way that Temple Cycles produces bikes. A long product lifecycle is key to this, with a skilled team of bike builders creating bikes that benefit from a lifetime frame warranty and that are easy to fix and maintain. This move is designed to challenge the throwaway culture associated with many consumer brands, including within the cycling industry.

Temple Cycles uses traditional steel as an alternative to more conventional materials such as carbon fibre, which are harder to recycle, have a short product life cycle and a high carbon footprint. The steel comes from 70 per cent recycled sources and can easily be recycled in turn at the end of its life.

The growth at Temple Cycles has been in part driven by the COVID-19 pandemic, with an extra one million extra adults starting cycling in 2020. Cycle commuting is expected to offer a further growth opportunity as a new band of ‘COVID cyclists’ return to the workplace.

The e-bike market in particular is growing rapidly. Temple Cycles entered the e-bike market in 2021 and the bond proceeds will allow the company to refine and develop its range of e-bikes, to complement its conventional bikes.

Matthew Mears, chief executive of Temple Cycles, said “The events of the past two years have actually enabled the cycling industry to flourish and we believe this will be a lasting legacy. As the UK seeks to decarbonise its transport system, active travel and e-mobility now have strategic importance which will help strengthen the growth opportunities within the cycling industry, as too will the continuing national focus on our individual wellbeing.”

Jeremy Pannell, senior corporate finance manager at Triodos Bank UK, added: “As a passionate cyclist, I have experienced first-hand the physical and mental health benefits of cycling. It has been a joy to see cycling become a hugely popular past time and I’m sure that many keen cyclists will be interested in supporting an independent retailer through this new bond offer.

“As a bank we have made public commitments to achieving net zero by 2035. Cycling plays an important role in the national decarbonisation agenda and we are really pleased to be helping Temple Cycles raise the finance they need to grow.”

 

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