Funding package accelerates bike supplier 's growth

HSBC has supported the growth of a bicycle supplier and distributor through an eight-figure funding package.

The funding will contribute to a management buyout of Moore Large, in which four members of the senior management team will take over the running of the business after 50 years of ownership by the Moore family.

The move comes as chairman and managing director Nigel Moore begins his retirement after more than years at the helm.

The buyout team is Andrew Walker, Dale Vanderplank, Adam Biggs and Adam Garner.

The buyout will signal the company 's next phase of growth following a surge in demand for bicycles since the pandemic started.

Nigel Moore said: “After over 40 years leading the company, I 'm excited to be retiring and entering a new phase in my life.

“The last few years at Moore Large have been particularly successful and now feels like the right time for me to hand over the company to the senior management team. ”

Graham Brown, relationship director at HSBC UK, said: “The demand for sustainable travel has increased heavily in the last few years, with cycling also offering many health benefits. We 're proud to be supporting the UK 's largest family-owned bicycle distributor with this buyout and its growth plans to drive demand for bikes around the country and help people make the switch to cycling. ”

The Guardian revealed figures in 2021 that suggest a boom in weekend cycling over the past two years - with a rise in leisure-time cycling of up to 60 per cent in some parts of the country.

Bicycle popularity has also grown as a result of people wanting to live more environmentally friendly lifestyles, endorsed by government schemes such as the Cycle to Work Scheme and the Fix Your Bike voucher scheme.