Cycle to Work provider named Fastest Growing retail Service
Posted - September 23, 2011
Cycle Solutions has scooped a top award at the Wales Fast Growth 50 event held in Cardiff on Friday 16th September.
Cycle Solutions promotes cycling and its benefits, through the tax efficient cycle to work scheme. The salary sacrifice scheme enables employees to save as much as 51% from the equivalent retail cost of bicycles and cycling accessories.
The Fast Growth 50 awards are one of the most prestigious events of the Welsh business calendar and Cycle Solutions was recognised for securing turnover growth of 289.5% between 2008 and 2010, making the Company the fastest growing Welsh business in the consumer and retail services sector.
Director of Cycle Solutions, Steve Edgell, was delighted with the award. “As a Welsh based business we are very pleased to have received this recognition. The cycle to work scheme provides a great cost-free opportunity for employers to show a real commitment to the health and wellbeing of their workforce.”
Cycle Solutions was formed in 2006 and since then has forged successful relationships with over 700 employers across the UK. Some notable clients include London Borough of Hammersmith & Fulham, West Midland Fire Service and the Football Association. “We have seen businesses and public sector employers from all over the UK joining the scheme in the past 3-years, and we continue to see a growth in interest in the scheme from employers and employees alike ”commented Edgell.
Commenting on the recent changes introduced by HM Revenue and Customs in relation to the cycle to work scheme, Edgell added “The clarifications made by HMRC on both VAT on salary sacrifice arrangements and end of scheme processes have enabled suppliers like Cycle Solutions to provide even greater certainty to our existing and new clients. As a result we have seen a rapid increase in the number of employers setting up schemes in the past few months.”