Cycling retailer hits turnover milestone and brings in new CEO and chairman

YORKSHIRE headquartered cycle retailer Planet X has increased turnover by 50% to £20m and brought in a high profile chairman and chief executive.

The Sheffield-based multi-channel retailer was founded by majority shareholder Dave Loughran in the 1990s and is now the largest builder of high performance bikes in the UK, designing and selling under its own Planet X, On One and Titus brands.

The business, which saw the 50% turnover increase to £20m in the year to March, also recently acquired the respected Holdsworth and Viner brands, and plans are underway to relaunch these, manufacturing the bikes in the UK.

Selling principally online and through a small number of dedicated showrooms, its mission is to provide high specification bikes at unbeatable value, as well as equipping riders with its wide range of clothing, parts and accessories.

In response to its growth the company has recently relocated its warehousing and bike-build operations into a 47,000 square foot building in Aldwarke, Rotherham. It has also opened a new showroom in Edinburgh, to complement its existing Sheffield and Barnsley showrooms.

With excellent prospects for further growth, the company has made two senior appointments. Mark McCance joins as chief executive officer and Ken Beaty joins the company as non-executive chairman

Mark has considerable multichannel retail experience and until 2005 was ecommerce director of PC World. He then went on to hold the position of managing director at the internet-based retailer of cycling equipment Pro Bike Kit until its sale to the Hut Group.

Ken spent 20 years with international investment firm 3i where he was a partner in the European private equity business. During that time he held non-executive board roles in more than 40 companies including South Yorkshire-based AES Engineering, women’s fashion retailer Hobbs and Lancashire-based coach tour operator Shearings Group. Ken brings a wealth of experience of growing and developing businesses and is also a keen cyclist.

Mark McCance, said: “I am excited to be joining a real Yorkshire success story. Planet X has achieved an enviable reputation for building high specification performance bikes at unbeatable prices. The vision and passion of the team to deliver innovative products for the cycling enthusiast backed up with expert support both online and in the showrooms is a fantastic platform for continued growth here at home as well as on the international stage.”

Ken Beaty added: “I am delighted to be joining Mark and the existing team on the board of Planet X at this exciting time for cycling in the UK. Planet X is a fantastic business with a great pedigree in performance cycling and is experiencing rapid growth driven by high market demand.  The team at Planet X is full of passionate and talented people and the board’s mission is to build excellence into all aspects of the business: product, brand, operations, management and financial performance.”

Dave Loughran commented: “Mark and Ken join us at an exciting time, as cycling is booming and there is an increasing awareness of the fantastic products which Planet X is delivering to the market. I am really proud of what we have built at Planet X since I started the business and am confident that the skills and experience which Mark and Ken bring will help take the business to the next stage.  My vision is that having built excellent products, brand and operations we will take Planet X to an international market using our proven online and showroom platforms. There are exciting times ahead.”