A North East distributor of cycling accessories and outdoor sports equipment has its sights on further European growth having secured access to £25m funding.
Darlington's ZyroFisher, which works for brands such as SRAM, BMC and CamelBak as well as its own in-house label Altura, is working with Manchester-based Praetura Commercial Finance, which has provided an asset-based lending facility. The North East firm has ambitions to grow its presence in Europe after acquiring French cycling distributor Royal Velo France in 2018.
From its 100,000 sqft Faverdale Industrial Estate warehouse, ZyroFisher supplies 28,500 product lines to retailers such as Evans and Halfords. It also provides marketing, ecommerce and tech support services to brands.
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The deal sees Praetura's team supporting ZyroFisher management in a bid to expand beyond the UK, Ireland and France. The lender has form in the cycling industry, having provided £3.25m of funding to indoor exercise and training bike firm Wattbike.
Robert Haycock, CEO at ZyroFisher, added: "The world is facing many challenges at the moment, but the straightforward approach from Praetura Commercial Finance meant we could meet all our financing needs quickly and efficiently, and that was paramount for us. We now have an opportunity to supercharge our growth and take ZyroFisher to the next level, and with support from the Praetura team we’re confident that we will be able to make our ambitions a reality."
Praetura recently surpassed its £100m loan book milestone having gained 48 new clients last year and adding £41.5m of new facilities in its last trading quarter.
Stuart Bates, commercial director at Praetura Commercial Finance, said: "We’re incredibly proud to be supporting another fantastic British company as it expands further into Europe. ZyroFisher has been active in the cycling space for many years and boasts a rich history, which is reflected in its partnerships with major global brands and household name retailers.
"Businesses need to adapt to changing conditions faster than ever, so many leaders are increasingly looking to independent financers that are much more flexible and entrepreneurial in their approach. We’re looking forward to working closely with ZyroFisher and supporting the business on its impressive growth journey."
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