Mincoffs help Gateshead’s Vielo Sports secure investment21/07/2016
Father and son team Ian and Trevor Hughes of Gateshead-headquartered cycling retailer Vielo Sports Ltd are set to expand after securing £250k investment.
Ian and Trevor Hughes run Vielo Sports Ltd, which is the sole UK distributor for the German road and mountain bike brand Storck and specialist wheel brand Lightweight.
They manage a network of 42 retailers across the country and are now hoping to take that number beyond 50 having gained funding from the Finance For Business North East Growth Fund.
The firm is set to increase volume of stock it currently holds whilst also considering an expansion to larger premises.
Ian Hughes previously spent 15 years establishing and running the Swiss-based cycling brand in the UK before starting to distribute Storck Bicycles in 2012.
His son Trevor joined the company in 2013 and together they have since built a £750k turnover business, a figure they are hoping to grow significantly over the next five years.
Ian said: “We’re already Storck;s largest distributor, but we think we’ve only begun to scratch the surface of what can be achieved, and are now putting both the management and retail structures in place to help us build on what we’ve done so far.
“NEL was mentioned to us as a possible investor by a contact, and their focused approach has given us the resources we required to realise even more of the business’s potential.”
Jane Siddle, investment executive at NEL Fund Managers, added: “The growth of the UK cycling market in the last 20 years has been nothing short of phenomenal, and Vielo Sports has the right type of high quality product to make further impressive inroads into it.”
Paul said: “We are delighted to have helped with securing the £250k investment, which is a great milestone for the business being the next part of the business’s ongoing success. The team at Mincoffs look forward to seeing future growth of the business.”