UK bike brand and accessories retailer Planet X is gearing up for further international expansion after securing a £700,000 funding package. The Rotherham based company has reportedly secured the trade finance deal after switching its banking to HSBC’s commercial banking team in South Yorkshire.
Brant Richards, Global Brand Manager at Planet X, said “Working with HSBC is a huge jump for the business as we look to build on the current success and maximise the potential of Planet X, which started out as a small bike company in Rotherham and has grown to become an internationally recognised brand in the industry.”
The funding will allow Planet X to import fully assembled bikes from overseas partners for the first time and expand its online coverage.
Martin Nattrass, Area Commercial Director for HSBC in South Yorkshire, added “This is the prime example of a business which has taken advantage of new business opportunities online and overseas to increase productivity and global product reach.”
Planet X has a direct to consumer sales approach. By working directly with a number of major bike factories, Planet X bikes, assembled in Yorkshire, can typically cost 25-40% less than a similar model from a ‘conventional’ brand.
The company was founded by Dave Loughran in the 1990s to import and distribute high end bicycles and parts. It has since expanded through the manufacture of mountain bikes. It increased its international footprint, particularly in the key US market in 2010 with the acquisition of carbon and titanium specialist Titus Bikes.
