A Surrey based business specialising in high end bicycles is expanding with the help of an Enterprise M3 Expansion Loan. WyndyMilla Ltd was established in 2009 by ex-elite cyclist, Henry Furniss and his wife Nasima Siddiqui, to offer custom built road bikes for the growing UK cycling market.
Cycling as a leisure activity has grown significantly in recent years, particularly following the successes of the British cycling team during the London Olympics and ongoing triumphs in the Tour de France. British Cycling members have more than doubled since 2012 and many of these are prepared to spend a significant amount of disposable income on their bikes and associated gear.
WyndyMilla has a unique offering which appeals to the company’s target market, as Furniss explains: “we recognise that once an individual commits to spending into the thousands on their bike they not only expect quality in terms of materials, mechanics, and build; they also want a style and individuality that says something about their character. As the only UK provider of hand-built carbon frame bikes, with custom painting by some great artists, we give our customers exactly that. Add to this our range of high-end, distinctively designed clothing and accessories and you have a brand that these riders can really identify with. ”
Being in tune with its market has helped WyndyMilla build a recognised brand which is reflected in its impressive social media following across the major platforms. To take advantage of this growing fan base, the company has secured £100,000 from the Enterprise M3 Expansion Loan Scheme in order to upgrade its existing premises, fit-out new facilities at a dedicated cycling park in Penshurst, Kent and take on new staff to support the expansion.
Geoff French, CBE, Chair of Enterprise M3 Local Enterprise Partnership (LEP) says: “cycling is both a major sport and recreational activity in Britain, so it is heartening to see a company manufacturing locally to meet the demand of this vibrant market space. A strong manufacturing base is essential to drive growth and we are always keen to support SMEs with big ambitions for expansion.”
Furniss and the team are also looking to increase corporate sponsorship of the WyndyMilla pro-racing team, which it set up to nurture and promote emerging UK talent. As part of its corporate focus, the company will also offer corporate race day experiences from the new Penshurst site in 2017.
James Edwards, Senior Fund Manager at The FSE Group which manages the Enterprise M3 Expansion Loan Scheme on behalf of Enterprise M3 LEP, comments: “we are pleased to be helping WyndyMilla to capitalise on the significant opportunities within the thriving cycling market. Henry and the team have built a dynamic company with a strong brand identity and presence. We look forward to continuing to work with them to achieve their growth ambitions.”
The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
For more information about the Enterprise M3 Expansion Loan Scheme please visit http://www.thefsegroup.com/enterprise-m3-expansion-loan-scheme or contact James Edwards at firstname.lastname@example.org tel: 01276 608531.
For more information about WyndyMilla visit www.wyndymilla.com.