Mango Bikes set to grow

Bike maker to grow Cirencester-based Mango Bikes (http://www.mangobikes.co.uk), which designs and manufactures a range of single-speed and fixed-gear bicycles, has attracted investment from two entrepreneurs as part of its plans to grow both at home and abroad.

David Hanney and Toby Baxendale (formerly of Planet X Bikes) have joined the senior management team. The company was founded by former mountain-bike World Cup mechanic Ben Harrison and marketing professional Jezz Skelton in 2012. It now has world-wide sales of more than £1 million. The investment deal was led by Simon Hore of commercial-law firm Thrings.

Mr Harrison said: “Jezz and I had resisted taking any equity investment up to this point, instead waiting for the right investors. This was the first time we had been faced with shareholder negotiations; Simon and the team at Thrings gave us some great legal advice, as well as completing the deal in a short time-frame.”

Mr Hore said: “The meteoric rise of Mango Bikes is testament to Ben and Jezz’s passion, dedication and business acumen. As a result, the company is now looking to strengthen its position in the bicycle market. The addition of David and Toby’s knowledge and board-level experience will ensure that the business is well-placed to take that all-important next step.”