Derby bicycle supplier and distributor Moore Large has received an eight-figure funding package from HSBC UK to support a management buyout.
The deal will see four senior members of management take over the running of the business from the Moore family, with plans to grow the business by 40 per cent in the next four years.
The business has benefitted from growing interest in cycling since the start of the pandemic, and will focus on developing its house brands which include ‘ETC’ and ‘Forme’.
The management team is made up of Andrew Walker, Dale Vanderplank, Adam Biggs and Adam Garner, and the move comes as chairman and managing director Nigel Moore prepares for retirement after more than 40 years in charge.
Mr Moore said: “After over 40 years leading the company, I’m excited to be retiring and entering a new phase in my life.
“The last few years at Moore Large have been particularly successful and now feels like the right time for me to hand over the company to the senior management team.”
Commercial director Andrew Walker said: “The demand for bikes continues to increase and as our long-term financial partner, the funding from HSBC UK will greatly help to support the future development of Moore Large as the new board gears up for major growth.
“I’d also like to extend my thanks to David Nelson at PKF Smith Cooper, who has helped to facilitate the deal between the management and vendor, as well as Debra Martin at Geldards, Mark Rutherford at Gateley Wareing and Ivan Wilcock at Cooper Parry for their involvement.”
Graham Brown, relationship director at HSBC UK, said: “The demand for sustainable travel has increased heavily in the last few years, with cycling also offering many health benefits.
“We’re proud to be supporting the UK’s largest family-owned bicycle distributor with this buyout and its growth plans to drive demand for bikes around the country and help people make the switch to cycling.”
