Velobici gets new investment to expand staff, premises
Cycling apparel manufacturer Velobici has secured a £500,000 investment from the Midlands Engine Investment Fund (MEIF) to fund expansion plans.
Velobici will use the injection to bolster its workforce over the next three years, and move to biggest premises.
It will create seven full time jobs, six dedicated to the manufacturing side of the business, and a new finance employee, reported the East Midlands News.
Velobici is also planning to move to larger premises, which will increase production capacity and allow the company to grow distribution overseas. Alongside the larger premises, a new range of cycling apparel is being developed for spring 2022.
The company, which manufactures and distributes high-end cycling apparel and accessories and uses sustainably sourced fabrics, also said the funding will enable it to increase stock levels to help meet demand from both UK and export markets.
Ann Marie McFadyen, investment manager at The FSE Group, which manages the MEIF Debt Finance Fund, said: “Velobici has a highly experienced leadership team, all committed to ensuring the business becomes carbon-neutral by 2025. Its respected high-quality ‘Made In England’ brand, being 100 per cent UK manufactured, is well respected and sought after, both overseas and in the UK by both current and new customers.
“The sector is set to continue to expand, and it is great to see the business getting ready to move to a larger production site to fulfil the increase in orders. We look forward to joining Chris and his team at Velobici on the next stage of their journey.”
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