STRATFORD-UPON-AVON, United Kingdom (BRAIN) — Pashley Cycles will invest in the sustainable transportation market by starting a crowdfunding campaign to help support product development in e-cargo delivery bikes, electric assist leisure bikes, and bike-share products.
Manufacturing bikes since 1926, Pashley has an e-cargo bike in production, the ALECS, that is in advanced trials with delivery fleets, according to the company. It already is the manufacturer behind Britain's bike-rental systems in London and the West Midlands and is planning to launch a classic consumer e-bike in next year.
Launching in November through Seedrs, the campaign will help support Pashley's overall growth strategy.
"We're a business with our eyes very much on the future as we approach our centenary," said Adrian Williams, Pashley's chairman. "In an industry where 98% of cycles sold in Britain are shipped in from overseas, Pashley is very proud to do things differently. We build every cycle by hand at our factory in the Midlands, just as we have since the 1920s. At the very heart of our business remains excellence in British design, innovation, and quality UK manufacturing."
The fundraising also will enable Pashley to enhance development and invest in its team going forward, the company said.
"Our long-standing relationships with suppliers meant we were able to manage demand during the cycling boom, and this, together with our success in the bike-share market, delivered strong growth for Pashley during the pandemic," Williams said. "The focus on day-to-day management of the business through this period has, however, slowed our development pipeline, and we are now seeking to reinvest in accelerating that growth."
The crowdfunding campaign is in the pre-registration stage, launching to those who have pre-registered interest, on Nov. 9 followed by the public launch on Nov. 16.
