Fast-growing bicycle manufacturer and retailer Mango Bikes has attracted investment from two serial entrepreneurs to further strengthen the business.
David Hanney and Toby Baxendale – previously chief executive and chairman of UK performance bike firm Planet X – have joined the board of South Cerney-based Mango as non-executive directors to help steer the business to larger sales in the UK and towards international markets.
Mango Bikes was formed in 2012 by university housemates Ben Harrison, a keen mountain bike racer and ex-mountain bike World Cup circuit mechanic, and Jezz Skelton, an experienced marketer and customer services professional. Since then it has undergone rapid growth, with worldwide sales recently topping £1m.
It designs, assembles and sells high-quality, low-cost, customisable road, commuter and urban bikes. Among its range of single speed and fixed gear bicycles are its award-winning Fixie Bike and the recently-launched Point R road bike. It has also expanded into accessories, helmets and clothing.
The investment from David Hanney and Toby Baxendale – financial details of which have not been disclosed, was handled by the Swindon office of regional commercial law firm Thrings, which has advised Mango for three years, including in branding and intellectual property.
The Thrings team was led by associate solicitor Simon Hore, who provided legal and strategic advice.
Ben Harrison said: “Jezz and I had resisted taking any equity investment up to this point, instead deciding to wait for the right investors at the right time. This was the first time we had been faced with shareholder negotiations, and Simon and the team at Thrings gave the company some great legal advice, as well as completing the deal in a short timeframe.
“This has been a genuinely enjoyable experience, but one that could have been very pressuring. We use Thrings for all legal aspects of the business and intend to keep working with the team as Mango Bikes continues to grow.”
Simon Hore added: “Mango Bikes’ meteoric rise is testament to Ben and Jezz’s passion, dedication and business acumen, and as a result of this, it 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 the business, under the new structure, is well-placed to take that all-important next step.
“Thrings is very pleased to have acted on behalf of Mango Bikes, whose bikes are admired and enjoyed by so many people across the world. Ben and Jezz are two ambitious and inspirational entrepreneurs, and we look forward to continuing our relationship with them and helping the business towards even greater success in the future.”
Mr Hanney, who is also chief executive of specialist sports equipment firm Alpkit, previously worked for camping equipment firm retailer Go Outdoors as chief financial officer and chocolate firm Thorntons as a financial controller.
Mr Baxendale has been involved in a wide range of businesses, many in food and drink, as a director and investor.
Pictured, from left: Ben Harrison, Simon Hore and Jezz Skelton
