The Greater Manchester Export Fund (GMEF) has supported Oldham based internet retailer Fawkes Cycles with a £50,000 loan to fund growth for the business across new European and global markets.
Delivered by GC Business Finance, Business Growth Hub and the Department for International Trade (DIT) which are all part of The Growth Company, the GMEF provides access to a wide range of International trade support for both new and existing exporters along with access to loan funding to enable local businesses to secure and grow export contracts all over the world.
Run by Nigel and Mandy Bishop, a former UCI women’s world road race champion, Fawkes Cycles sells a range of leading and niche bikes, parts and accessories and will use the funding to invest in marketing and SEO, creating two new jobs to add to the current team of seven at its Oldham base. Fawkes is aiming to grow its customer based across Europe as well as operating pilot schemes in Asia and Australia to help combat the seasonality of the cycle market.
Nigel Bishop said: “Having increased sales by 43% in 2017 we really are at the forefront of the boom in cycling and we know that what we offer customers is a seamless e-shopping experience coupled with a level of service and quality that they really value.
“The UK cycle market alone is worth over £2.5billion and the funding from GC Business Finance now puts us in a far stronger position to be able to strengthen and grow our position at home as well as using a wider reaching marketing and sales strategy to access new territories.”
Andrew Nichols, Senior Loans Manager at GC Business Finance, said: “The GMEF was designed to help innovative companies just like Fawkes; ensuring that they are able to take what is already proving to be a great success in this country and replicate that model and success across the world.
“Specialist online retailers are dominating the marketplace as consumers seek out the choice, convenience and service of expert suppliers and the forecast is for this trend to continue. Mandy and Nigel are using their expertise to develop extremely high levels of customer loyalty and retention and this additional funding now enables them to take their offer to a far wider audience.”