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*** Bike co-op goes up a gear with Anglo deal ***
Edinburgh, UK (AP) -- 02/04/2003 EDINBURGH Bicycle Co-operative has made its first foray into
England with the purchase of Hardisty Cycles, the largest independent bicycle retailer in Newcastle,
for an undisclosed sum.
The deal is the second major acquisition in less than a year for Edinburgh Bicycle, which last
year bought Aberdeen rival Cycling World, and turnover at the firm is now expected to top the £5
million mark.
Promotions assistant manager Ged Holmyard said: "Edinburgh Bicycle is pleased to make this
significant move south of the Border.
"We look forward to combining the considerable resources of our already established shops in
Edinburgh and Aberdeen with our new branch in Newcastle."
Hardisty will now trade under the Edinburgh name and will sell the firm’s own brand of mountain,
road and hybrid bicycles.
Mr Holmyard: "Our bikes are now the biggest selling in Aberdeen, and we don’t think people in
Newcastle will have any problems riding around on bikes with the Edinburgh name on them."
Edinburgh Bicycle was formed 25 years ago and operates as a co-operative employing up to 85 staff
during its busy season, most of whom are members of the co-op and have an equal say in how the
business is run.
The firm has a turnover of around £4m, and this is expected to rise considerably following the
acquisition of Hardisty, which turned over £1m last year and employs nine full-time staff.
Along with producing two catalogues each year, Edinburgh Bicycle has an e-mail newsletter which
is sent to around 10,000 subscribers every week. The firm’s website, launched in 1996, is
reportedly the largest of its kind in Europe, and sales over the internet account for around a
fifth of turnover.
Mr Holmyard said: "Edinburgh Bicycle has long admired Hardisty Cycles as a retailer of quality
bicycles, accessories and cycle clothing. We intend to maintain and build on this fine reputation ."
Growth within the bicycle industry has been flat for a number of years, and many observers expect a
large amount of consolidation among smaller retailers, who are struggling to compete with the likes
of sector giant Halfords.
Edinburgh Bicycle, a former Evening News Lothian Business Excellence Award winner, is the process of
moving its warehouse from Dalry to Dalmeny.
Mr Holmyard said: "Over the last few years, Edinburgh Bicycle has come to the conclusion that a
degree of consolidation within the independent bicycle trade can benefit both the industry in
general and the consumer in particular.
"We realise that it’s rare for a co-op to grow by acquisition, but we are proud to bring a new shop
and its staff into the co-operative sector."
Geneb...Wenatchee,Washington-USA All Things Northwest in BMX! ***** Gene`s BMX *****
http://www.genesbmx.com
Edinburgh, UK (AP) -- 02/04/2003 EDINBURGH Bicycle Co-operative has made its first foray into
England with the purchase of Hardisty Cycles, the largest independent bicycle retailer in Newcastle,
for an undisclosed sum.
The deal is the second major acquisition in less than a year for Edinburgh Bicycle, which last
year bought Aberdeen rival Cycling World, and turnover at the firm is now expected to top the £5
million mark.
Promotions assistant manager Ged Holmyard said: "Edinburgh Bicycle is pleased to make this
significant move south of the Border.
"We look forward to combining the considerable resources of our already established shops in
Edinburgh and Aberdeen with our new branch in Newcastle."
Hardisty will now trade under the Edinburgh name and will sell the firm’s own brand of mountain,
road and hybrid bicycles.
Mr Holmyard: "Our bikes are now the biggest selling in Aberdeen, and we don’t think people in
Newcastle will have any problems riding around on bikes with the Edinburgh name on them."
Edinburgh Bicycle was formed 25 years ago and operates as a co-operative employing up to 85 staff
during its busy season, most of whom are members of the co-op and have an equal say in how the
business is run.
The firm has a turnover of around £4m, and this is expected to rise considerably following the
acquisition of Hardisty, which turned over £1m last year and employs nine full-time staff.
Along with producing two catalogues each year, Edinburgh Bicycle has an e-mail newsletter which
is sent to around 10,000 subscribers every week. The firm’s website, launched in 1996, is
reportedly the largest of its kind in Europe, and sales over the internet account for around a
fifth of turnover.
Mr Holmyard said: "Edinburgh Bicycle has long admired Hardisty Cycles as a retailer of quality
bicycles, accessories and cycle clothing. We intend to maintain and build on this fine reputation ."
Growth within the bicycle industry has been flat for a number of years, and many observers expect a
large amount of consolidation among smaller retailers, who are struggling to compete with the likes
of sector giant Halfords.
Edinburgh Bicycle, a former Evening News Lothian Business Excellence Award winner, is the process of
moving its warehouse from Dalry to Dalmeny.
Mr Holmyard said: "Over the last few years, Edinburgh Bicycle has come to the conclusion that a
degree of consolidation within the independent bicycle trade can benefit both the industry in
general and the consumer in particular.
"We realise that it’s rare for a co-op to grow by acquisition, but we are proud to bring a new shop
and its staff into the co-operative sector."
Geneb...Wenatchee,Washington-USA All Things Northwest in BMX! ***** Gene`s BMX *****
http://www.genesbmx.com
