Thrings advises Mango Bikes on investment deal

By Anita Jaynes on 10 August, 2015

Mango Bikes has strengthened its offering to customers after attracting investment from two experienced cycling retail specialists who will work closely with the bicycle designer, manufacturer and retailer to reinforce its domestic and international growth ambitions.

The senior management team at Cirencester-based Mango Bikes – headed by founder-owners Ben Harrison and Jezz Skelton – has been bolstered by the arrival of renowned industry experts David Hanney and Toby Baxendale.

Mango Bikes’ new team will continue to focus on the production and sale of high quality, low-cost, customisable road, commuter and urban bikes. Among its range of single speed and fixed gear bicycles are the award-winning Fixie Bike and the recently-launched Point R road bike.

Mango Bikes was formed by university housemates Ben, a keen mountain bike racer and ex-mountain bike World Cup circuit mechanic, and Jezz, an experienced marketer and customer services professional, in 2012. Since its inception, the company has undergone rapid growth, with worldwide sales recently topping £1million.

The investment deal was led by Simon Hore, corporate solicitor at leading commercial law firm Thrings, who provided legal and strategic advice. During the course of its three-year relationship, Thrings – which has offices in Swindon, Bristol, Bath and London – has also provided Mango Bikes with ongoing branding and intellectual property advice.

Ben Harrison said: “Jezz and I had resisted taking any equity investment up to this point, instead deciding to wait for the right investors at the right time. This was the first time we had been faced with shareholder negotiations, and Simon and the team at Thrings gave the company some great legal advice, as well as completing the deal in a short timeframe.

“This has been a genuinely enjoyable experience, but one that could have been very pressuring. We use Thrings for all legal aspects of the business and intend to keep working with the team as Mango Bikes continues to grow.”

Simon Hore added: “Mango Bikes’ meteoric rise is testament to Ben and Jezz’s passion, dedication and business acumen, and as a result of this, it is now looking to strengthen its position in the bicycle market. The addition of David and Toby’s knowledge and board level experience will ensure the business, under the new structure, is well-placed to take that all-important next step.

“Thrings is very pleased to have acted on behalf of Mango Bikes, whose bikes are admired and enjoyed by so many people across the world. Ben and Jezz are two ambitious and inspirational entrepreneurs, and we look forward to continuing our relationship with them and helping the business towards even greater success in the future.”

Pictured above from left to right: Ben Harrison, Simon Hore and Jezz Skelton.