Ian Hughes and his son Trevor are the management team behind Vielo Sports, the sole UK distributor for the specialist German road and mountain bike brand Storck and specialist wheel brand Lightweight.
The company manages a network of 42 retailers right across the UK from its Gateshead headquarters, and after working with NEL Fund Managers to secure a £250,000 Growth Fund investment, it is now looking to increase this number to over 50.
The investment will also allow Velo Sports to enhance its marketing campaign, and explore options to move into larger premises, with the potential to create new jobs in the region.
Ian Hughes spent 15 years establishing and running the Swiss based cycling brand Scott in the UK before starting to distribute Storck Bicycles in 2012.
Trevor joined the company in 2013, and they have since together built a £750,000 turnover business.
Ian Hughes says: “My experience and contacts in the cycling industry put us in a great position to introduce the Storck brand to the UK market, and we are successfully building the Storck Brand and established it as a high quality name over the last four years.
"We're already Storck's largest distributor, but we think we've only begun to scratch the surface of what can be achieved, and are now putting both the management and retail structures in place to help us build on what we've done so far.”
"NEL was mentioned to us as a possible investor by a contact, and their focused approach has given us the resources we required to realise even more of the business's potential."
Jane Siddle, investment executive at NEL Fund Managers, adds: “The growth of the UK cycling market in the last 20 years has been nothing short of phenomenal, and Vielo Sports has the right type of high quality product to make further impressive inroads into it."
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