Pedal power takes Ribble Cycles to record profits

LANCASHIRE cycling retailer Ribble Cycles has announced a 22% increase in profits to a record £2.6m.

The family business attributed its success in the year to the end of October 2012 to the increased profile of cycling thanks to Sir Bradley Wiggins’ Tour de France victory, and the London Olympics.

Revenue at Cyclesport North, which trades as Ribble Cycles, rose 15% from £14.9m to £17.1m. The company, which originally had a shop  on Watery Lane in the city, now trades exclusively online. It employs 50 people at its base at Walton Summit in Preston.

Managing director Terry Dove said: “The success of Sir Bradley Wiggins in last year’s Tour de France and the coverage of cycling at the London Olympics has had a marked effect on our performance.

“Our increase in profitability has, however, been mainly due to the strong and growing demand, both here and overseas, for our own Ribble bike brand.”

Ribble, which was founded in 1897, sells cycles, accessories, food supplements and clothing via its website and ships goods to customers worldwide.

Mr Dove says the results for 2012 may be hard to repeat in the current financial year as Ribble is moving to larger premises.

It has recently agreed to move the firm to new premises at Walton Summit; giving the company 43,000sq ft of space, and is expected to improve the company’s efficiency.

Mr Dove is expecting the Tour of Britain, and the Tour De France next year will ignite another surge of enthusiasm for the sport.

“Our regular customers get excited about these events, just like we do, every single year. But the Olympic spirit is very much still out there amongst new riders and hopefully, the recurring tours can keep that spirit alive for a long, long time.”