Cycle Solutions reports record turnover growth
Posted - November 13, 2015
Cycle Solutions, one of the UK's leading providers of the Cycle to Work scheme, has reported record growth figures due to the rising popularity of the programme among employers looking to drive up their workforce's fitness and engagement.
The company, which manages the scheme for organisations across the UK including Virgin Active, EDF Energy and H. J. Heinz, has recorded a 33% growth in turnover for 2014/2015. The business, which has been operational for 10 years, works with employers to provide staff with tax-free bikes and accessories to promote a healthier lifestyle and reduce sickness levels.
Nearly 200,000 UK employees have signed up to the scheme – which costs employers nothing - this year alone, an 11.6 per cent increase since 2014*.
Cycle Solutions forms part of the UK's leading independent cycling retail groups, which includes online and real-world cycle retailers Tredz and Wheelies Direct. Overall, the group has seen its highest ever sales figures in the last year, reporting a combined 23% increase in sales to achieve a turnover of £31 million in the year to the end of February 2015 with 11% EBITDA growth to £2.3m.
The figures follow £1m investment in the companies' websites, online marketing and 30-strong software and web development team.
Managing Director of Cycle Solutions, Steve Edgell, said, "Sales in all three companies have grown as a result of the group's two-year period of investment in our people, premises, colleague development, IT and supply chain. We've created 53 jobs - an increase of 26%."
"Our Cycle Solutions brand has achieved excellent growth this year, as we've strengthened our market presence and identity to be recognised as one of the country's largest providers of the cycle to work scheme. The scheme is proven to improve employees' health, fitness and reduce sickness absence – and is totally free to employers.
"Having the strength of the other cycle businesses behind us means we can offer a massive range of over 550 bike and accessory brands from 6000-strong stock for next day delivery makes Cycle Solutions a strong proposition in a competitive marketplace.
"The Cycle to Work scheme is on an upward trajectory as more people than ever across the country take up cycling. We're now focusing on increasing our market share by improving accessibility for SME employers and our relationships with cycle retailers. We will also be looking to provide a finance hire option for employers who have limited budgets, but still want to reap the benefits of a healthier workforce."
About the Group
Founded by Swansea brothers, Keith and Mike Jones, in 1989, today the group has 259 employees, two dedicated on-site contact centres, software and web development team, workshop and a warehouse facility. It operates from a custom-designed 45,000 ft² warehouse along with office, workshop and storage space and the four retail stores. The group offers a portfolio of over 550 of the leading cycling and triathlon brands.