Company Behind Hunt & Privateer Receives Funding for Expansion
The Rider Firm is set to receive seven-figure funding to grow further in the UK, USA and Europe.
The UK-based company is behind brands such as Hunt Bike Wheels and Privateer Bikes. While those brands already offer international sales, the funding package from Santander Bank is set to help the company grow further with a key focus on marketing, social media presence, and the sponsorship of professional cycling teams.
The Rider Firm also plans to hire 20 new staff members and it is working with Santander Universities to add two employees to its Graduate Leadership Scheme, which offers job opportunities to recent graduates. The additional funding is also going to assist one of The Rider Firm's long-term goals of using recycled materials in its products and becoming a B Corp certified company.
 | The whole team at The Rider Firm have worked hard to serve riders by developing the best available performance cycling products. With Santander UK as our funding partner, we are well positioned to grow our direct-to-consumer led business and serve more riders in our core UK and US markets and expand into Europe. We are very grateful for the tremendous support of both Santander UK and Gambit Corporate Finance in this process. |
| As The Rider Firm’s banking partner, we are proud to have supported its growth and evolution over the past six years. Its technical and research and development expertise have driven its growth and excellent reputation among customers. We are pleased to provide it with this latest funding, which will propel its expansion in the UK and overseas. |
| The Rider Firm is an exciting and dynamic business driven by a passion for cycling and its products are widely recognised and very well-respected. Gambit Corporate Finance is pleased to provide advisory support on this funding with Santander UK and looks forward to seeing the continued success and growth of the business over the years to come. |
115 Comments
www.triodos.co.uk
Get the 2023 Privatequiteer 141. All the benefits of the 2022 model + a hefty new profit margin to keep the bankers happy.
Kraven Moorehead got let go?
With that reduction in costs, they could theoretically keep RRPs the same as they have been while using the extra margin to pay off whatever their burden is to Santander. At the same time, the increase in sales means that they'll have more money available themselves to do more R&D, speed up other projects (e.g. the 181 and e-Bikes people have mentioned elsewhere in the comments), support more riders, do trail advocacy, etc.
Just to be clear, I don't really have much faith in big banks and the injection of money into some companies can derail what was previously a good thing, but it doesn't have to be the case. That's especially the case for some smaller companies who might otherwise be struggling to make ends meet either just in terms of rising costs, cash-flow issues from needing to pay production facilities much more in advance now than they ordinarily would have to, or whatever else it might be.
Also worth noting that they've been with Santander for the past 6 years, so it's not like they're just getting "big banking involved" now. Doing something like this with a bank you've been with for that length of time is probably safer (from our point of view of not wanting brands like Privateer to go south) than if they'd suddenly got in bed with a random finance company.
Congrats to The Rider Firm! Growing a business is hard work. For everyone who hates on banks, it's more than likely that your job was the result of your company being able to secure financing to grow. Not saying banks are great or perfect but look in the mirror. How did you buy your car, house and possibly even your bike?!
Sponsorships are pretty cheap. Going to Asia and getting more of your widgets made isn’t.
I’m stoked to see a good company getting the funds they need to grow!!
I'm not gonna pretend I know better than them what it takes to grow their business.
Super stoked to hear this. I love my privateer 141 and reading this makes me feel like making great products pays off.
This isn't one of those times. Hope Hunt/Privateer keeps their focus on making and selling good, sturdy bikes and parts at a reasonable price!!
But…..they keep the stuff they design/sell reliable, fairly hype-free and reasonably priced.
But - it's funding like this that gets bikes on PB and into your hands, makes better gear, floats PB in the first place (uh ad revenue from Corps) and makes yr bikes & components even possible. Pretty sure we're all spending money, at least on bikes which I'll say is easily the most expensive sport I've ever done, hands down, not even counting bike racks, tools, clothing, and hospital bills. Without buying new frames or whole bikes I'm spending $2-4K a year on parts, tires, wheel replacements, service, etc...and that's with doing 95% of the mechanics myself.
Its low-hanging fruit to bust on Banker Bob...I do it all the time. Bob's a douche with 11 differen't bikes in his garage that he can't work on & he just wants to make money no matter what the societal or ecological cost or support for totalitarian regimes where most of these bikes & parts are made. Yet here we all are buying all this product from Bob & his kind. Hmmm... maybe we're all dickheads in part too. I don't have to look to far to find a world class hypocrite bitching about banking (etc) b/c it's me that's ultimately supporting it and I'm wagering its you guys too, PB gripes or not.
climbing my regular Socal climbs. Ooof.
Long article alert. Certainly mixed opinions, and Brexit makes the UK even further behind, but global shipping is improving according to AP Moller-Maersk. Then you have statements like: “I heard Dominic Langan [CEO of distributor Madison, which brings multiple cycling brands into the country, including Shimano] saying he feels things will be fine by the end of the year. I'm not seeing it."
Large, works (economies of scale)
The bit in between.....notsomuch.