Funbikes set to accelerate after funding deal

Leicestershire-based Funbikes, the children’s leisure and competition petrol and electric vehicles dealership, including has clinched £500,000 Import Loan facility from HSBC to purchase extra stock.

Funbikes says it is using the cash to import an extra £1.5m worth of bikes and accessories.

The company has also been able to invest in bespoke business management software, helping to improve its cash flow and streamline its order processes. The additional stock capacity and improved efficiency has meant an increase in turnover of more than 50 per cent and almost double its profits in the past year. The company has also hired an extra 10 staff and plans to build a new showroom in Oxford and develop two in-store concessions in Brighton and Norwich, where Funbikes products, such as pit bikes, quad bikes, buggies and scooters, will be sold within garden centres and high street retailers.

Richard Bester, Funbikes business manager, said: “This funding package has allowed us to import additional stock, support significant growth and create 10 new jobs in the local community. HSBC’s international expertise has helped put us on track to grow further and expand our business.”

Paul Smith, area director Nottinghamshire and Derbyshire Business Banking, said: “Funbikes is a strong business with plans to invest for further growth. As an international bank with deep connections to businesses across the UK, we are confident in our ability to help Funbikes achieve its future growth plans.”