BGF, formally Business Growth Fund, has led a £19 million ($23.6 million) investment into Brompton to “further accelerate the growth of the iconic folding bike brand,” according to a statement from the investment firm. BGF described itself as a company with a long-term minority shareholder model.
BGF said Brompton had been independent since 1975, owned by the founder Andrew Ritchie, current CEO Will Butler-Adams, friends and family, and staff. Following the investment, BGF took a minority stake in support of Brompton’s ambition to “create urban freedom for happier lives.”
Will Butler-Adams, CEO at Brompton, said the company had grown organically at 20 percent a year over the last two decades, funded by reinvesting profits. “For the year ended March 2023, turnover grew 21 percent to £130 million, supported by the launch of its Superlight T Line and Electric P Line products,” he shared.
“We export 80 percent of our bikes to 46 countries and, in November 2022, made our one-millionth bike—a great achievement,” Butler-Adams said. “But this is not enough; we need to move faster. The impact of climate change is being felt by us all, and the greatest carbon emissions come from our cities where most of the world’s population now lives,” he continued.
Daina Spedding, an investor at BGF, said: “We are incredibly excited to be backing an iconic British brand rich in heritage and engineering prowess, with an outstanding track record of profitable, global growth. From the outset, there has been a clear synergy between Brompton and BGF, with shared long-term goals and a focus on sustainable growth that is good for both people and the planet. We look forward to supporting the business as it continues to expand into new markets and invest in new technologies and manufacturing capabilities to meet the ever-growing demand for its revolutionary cycling range.”
Photo courtesy Brompton Folding Bikes
