E-scooter and e-bike firm Pure Electric has secured a £10m finance deal to fund its continuing expansion.
Founded in 2018, the Bristol-based business now has 17 stores across the UK - including a Plymouth showroom opened last year.
The brand, which employs more than 280 people, also has eight outlets in France and Spain with its recent openings in locations including London Bridge, Edinburgh and Paris.
Pure Electric said it had been looking for additional working capital to finance its ongoing growth, and it has now agreed a deal for a multi-million pound inventory finance facility from retail bank Secure Trust.
Stephen Marshall, chief financial officer at Pure Electric, said the funds would help to take its work to reduce pollution and travel times in cities to the “next level".
The business recently introduced a second generation line of e-scooters and diversified its product line with a range of hybrid e-bikes.
Mr Marshall said: “This working capital will enable us to expand our operational capabilities and make improvements to the Pure offering, allowing us to bring the reality of a cleaner, healthier future closer than ever before.”
Matt Broomfield, regional sales director at Secure Trust Bank Commercial Finance, said: “We worked closely with [Pure Electric’s] management team to understand plans for the business in the years ahead and it was clear that continued product development was essential to growth.
“We were able to create a flexible facility at a key moment in the company’s growth journey, and we look forward to seeing their growth continue.”
Accountants EY and law firm Pinsent Masons also worked on the deal.
Pure Electric was established by millionaire businessman Adam Norris, a former pensions director with financial services company Hargreaves Lansdown and the father of Formula One driver Lando Norris.
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