A Surrey based company operating in the high-end custom bicycle market, has secured £100,000 from the Enterprise M3 (EM3) Expansion Loan Scheme, to fund activity that will promote further growth of the business.
The recently merged brands now operating as Spoon Group Ltd specialise in bespoke bikes, designed for the rider’s physiology and the riding the customer wants to do, with the highest standards of fit, fabrication and finish. The bikes are precision built carbon fibre or steel frames, designed in house, then fabricated one at a time by hand, before being finished to the highest possible standard at their base in Surrey. Alongside their performance bike range is a curated range of quality clothing and accessories.
Following a re-organisation of the company, keen cyclists Chris Houghton and Andy Bonsall who have been involved with the Wyndymilla brand for a number of years, were appointed as Non-Executive Directors in 2019.
The merger with bespoke steel brand Spoon Customs has increased their product offering and the expansion loan will help both brands to grow. Spoon Customs was established by Andy Carr and recently won two awards at Europe’s largest handmade bike show, Bespoked 2019.
Andy Carr joined the merged entity, Spoon Group Ltd, as CEO and now that the acquisition is fully complete, he is looking to develop both house brands and exploit the growing market potential.
The EM3 loan will enable the team to execute their vision and strategy for Spoon Group Ltd as they operate and grow their stable of custom, high performance cycling brands, including a move to a larger premises, and recruitment to expand the team with a focus on research and development. The company has already developed their custom paint business, recently rebranding that arm of the business to Gun Control Custom Paint, designed to give their award winning paint services wider appeal to both trade and private customers.
Chris Houghton, Non-Executive director of Spoon Group Ltd commented: “We were very pleased to receive this Enterprise M3 Expansion Loan. These are very exciting times as we look to expand through acquisition and re-focus the business. Our product is incredibly niche in that we create unique bikes for the individual. The team are all keen cyclists, fuelled by passion. We have been a part of the Wyndymilla journey for numerous years now and are very much looking forward to what the future holds for our brands and the business. We are excited to welcome Andy Carr on board and for the road ahead.”
James Edwards, Senior Fund Manager at The FSE Group, which manages the EM3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “We first supported Wyndymilla back in 2016 and it is great to see the progress the company has made since the start of our relationship. It has been a complete pleasure to be able to assist the business again as it continues to evolve and to help them reach the next stage of their cycling journey. We wish the team every success for the future.”
Kathy Slack, Director, Enterprise M3 LEP, comments: “Across our region EM3 is involved in projects which are focused more than ever before on encouraging active travel, so the opportunity to help this unique business grow has come at exactly the right time, particularly as the nation is focused on delivering a green economic recovery. The passion for cycling from the team at Spoon Group Ltd is really evident and it’s always a pleasure to play a part in turning a hobby into a flourishing business.“
The EM3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes a short term trade loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.