Kent-bound Brompton bikes announces funding partnership with BGF as it eyes future growth

Brompton bikes, which plans to open to a new global headquarters in Kent, has struck a funding partnership deal with BGF.

The UK’s largest bicycle manufacturer announced last year that it had chosen Ashford as the company’s new global headquarters and has now submitted a planning application for a new £100m factory.

BGF will take a minority stake in Brompton which was founded in 1975 by Andrew Ritchie who retains ownership to this day alongside  current CEO Will Butler-Adams, their friends, family, and its staff.

Daina Spedding, investor at BGF, said: “We are incredibly excited to be backing an iconic British brand that is rich in heritage and engineering prowess, with an outstanding track record of profitable, global growth.

READ MORE: Brompton Bikes submit planning application for new Kent headquarters

"From the outset, there has been a clear synergy between Brompton and BGF, with shared long-term goals and a focus on sustainable growth that is good for both people and planet. We look forward to supporting the business as it continues to expand into new markets and invest in new technologies and manufacturing capabilities to meet ever-growing demand for its revolutionary cycling range.”

Brompton says the agreement with BGF will help accelerate growth and help the firm achieve its ambitions.

Will Butler-Adams, CEO at Brompton, said: “Over the last two decades, Brompton has grown organically at circa 20% a year, funded by reinvesting our profits. For the year ended March 2023, turnover grew 21% to £130m, supported by the launch of the Superlight T Line and Electric P Line products.

"We export 80% of our bikes to 46 countries, and in November 2022 made our one-millionth bike, a great achievement. But this is not enough, we need to move faster. The impact of Climate change is being felt by us all and the greatest carbon emissions come from our cities where most of the world’s population now lives.

“Our team at Brompton are brimming with ideas to accelerate our growth through product innovation, storytelling, outstanding stores and having fun with our amazing community. But if we are really going to go for it, we need to strengthen our balance sheet to give us the confidence to be more ambitious.”

Brompton's new factory in Ashford will be constructed within a 100-acre floodplain, which will provide an opportunity to restore the wetland and promote walking and cycling.The scheme would house a world class production facility and company HQ, and by 2027, the company expects to employ over 1,500 staff.

READ MORE: Brompton plans for £100 million bicycle factory in Ashford