A Bristol-based bike retailer has launched a £625,000 bond offer on the Triodos crowdfunding platform to grow its business and to fund investment in its new e-bike activities.
Temple Cycles designs and builds high-quality, sustainable bicycles from its Bristol workshop. It offers a range of timeless bikes for all kinds of cycling, from urban commuting to multi-terrain adventures. Formed in 2014, it now has over 15,000 customers across 30 countries.
Sustainability lies at the heart of the way that Temple Cycles produces bikes. A long product lifecycle is key to this, with a highly skilled team of bike builders creating bikes that benefit from a lifetime frame warranty and that are easy to fix and maintain. This move is designed to challenge the throwaway culture associated with many consumer brands, including within the cycling industry.
In addition, Temple Cycles uses traditional steel as an alternative to more conventional materials such as carbon fibre, which are harder to recycle, have a short product life cycle and a high carbon footprint. The steel comes from 70% recycled sources and can easily be recycled in turn at the end of its life.
The growth at Temple Cycles has been in part driven by the COVID-19 pandemic, with an extra one million extra adults starting cycling in 2020. Cycle commuting is expected to offer a further growth opportunity as a new band of ‘COVID cyclists’ return to the workplace.
The e-bike market in particular is growing rapidly and is expected to be worth £90bn globally by 2030. E-bikes now account for over a fifth of total bicycle spend in the UK. Temple Cycles entered the e-bike market in 2021 and the bond proceeds will allow the company to refine and develop its range of e-bikes, to complement its conventional bikes.
Investment is available from £50 and the bond is eligible to held in a Triodos Innovative Finance ISA. The £625,000, seven-year bond will pay 6% per year interest. As with all investments, interest and repayment of capital are not guaranteed. As with all ISAs, there are eligibility criteria and you receive interest tax-free. ISA eligibility does not guarantee returns or protect consumers from losing their money.
Matthew Mears, chief executive of Temple Cycles, commented: “The events of the past two years have actually enabled the cycling industry to flourish and we believe this will be a lasting legacy. As the UK seeks to decarbonise its transport system, active travel and e-mobility now have strategic importance which will help strengthen the growth opportunities within the cycling industry, as too will the continuing national focus on our individual wellbeing.”
Jeremy Pannell, senior corporate finance manager at Triodos Bank UK, added: “As a passionate cyclist, I have experienced first-hand the physical and mental health benefits of cycling. It has been a joy to see cycling become a hugely popular past time and I’m sure that many keen cyclists will be interested in supporting an independent retailer through this new bond offer.
“As a bank we have made public commitments to achieving net zero by 2035. Cycling plays an important role in the national decarbonisation agenda and we are really pleased to be helping Temple Cycles raise the finance they need to grow.”
Investments offered on the Triodos crowdfunding platform are not readily realisable, which means that they may be difficult to sell, and you may not get back the full amount invested. Investments are not covered by the Financial Services Compensation Scheme (FSCS) and your capital is at risk and returns are not guaranteed. Repayment of capital and interest will be dependent on the success of the organisation's business model and past performance isn’t a reliable indicator of future performance. You should always read the offer document in full before deciding whether to invest as it will cover risks specific to an individual investment. You can read more about the general risks associated with making these types of investments here. If you are unsure if any of these investments are right for you, you should contact an Independent Financial Adviser.
Notes to editors
Temple Cycles Limited published an offer document dated March 2022. Applications can only be made on the basis of, and subject to, the terms and conditions of the information contained in the offer document which includes the terms and conditions of the Triodos Crowdfunding website. Temple Cycles Limited is a private limited company, incorporated in England and Wales (registered number 09011758) under the Companies Act 1985 with registered office at 22 Brookgate, Bristol BS3 2UN.
For further information and photos please contact:
Ellie James, Triodos Bank
- 0117 311 0241
About Temple Cycles
Temple Cycles designs and builds high-quality, sustainable bicycles from its Bristol workshop. It offers a range of timeless bikes for all kinds of cycling, from urban commuting to multi-terrain adventures. Temple Cycles actively promote the joys of cycling; it runs maintenance classes, group rides and campouts, helping to create a community of people who feel inspired and confident to cycle more.
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead, it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.
This financial promotion has been issued and approved by Triodos Bank UK Limited for the purposes of section 21 of the Financial Services and Markets Act 2000. Triodos Bank UK Ltd. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales with registered number 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.