Chelverton Investor Club has invested in online cycling specialist VeloVixen.
The Chelverton Investor Club is a syndicate of high net worth private investors and has raised £0.5m of growth capital to support VeloVixen. The transaction was completed by Chelverton Asset Management, a specialist investor in sub-FTSE 100 quoted equities and unquoted SMEs, on behalf of members of its Investor Club service.
Trading as VeloVixen, Oxfordshire-based Pedalling Forth claims to be the leading retailer of cycle clothing and accessories geared exclusively towards the female rider. It was recognised as Female Specific Retailer of 2015 by Total Women’s Cycling and sells brands such as Primal, Morvelo, Vulpine and Café du Cycliste.
Founded in 2013 by cycling enthusiasts Phil and Liz Bingham following a year-long cycle expedition through the Americas, VeloVixen tries to address male bias within the cycling apparel business.
Chelverton Investment Director Richard Bucknell led the transaction on behalf of Members of Chelverton Investor Club and will join the Board of VeloVixen. He said: “In a market where online is already a strong and accepted retail channel, VeloVixen has forged a niche position, and brand-recognition way beyond its current size. Its differentiated offering, in an otherwise largely price-driven, homogeneous sector, really stands out, and we look forward to working in tandem with Phil and Liz over the coming years as they seek to exploit their ambitious growth plans.
“It’s an area of the market where investors recognise that good returns can be delivered, with business valuations at sensible levels and company growth prospects looking better than for some years. High Net Worth individuals can access these opportunities through our Investor Club, and we’re seeing strong levels of interest amongst prospective investors at this time.”
VeloVixen’s CEO Phil Bingham said: “This investment from the Chelverton Investor Club will allow us to capitalise on our respected profile within the women’s cycling sector, and to implement our longer term plans for a sharp rise in sales. Chelverton’s experience of working with smaller companies will provide invaluable insight as we enter this next phase of growth. We look forward to working together.”