Home Business NewsBusinessBanking News E-bike firm gears up for growth with HSBC UK funding

E-bike firm gears up for growth with HSBC UK funding

by LLB Finance Reporter
27th Jun 23 10:51 am

Leading e-bike manufacturer and retailer Volt Bikes has secured significant funding from HSBC UK to steer its business growth, helping to reduce CO2 emissions on UK roads.

Volt Bikes will use the six-figure funding package to alleviate short term cash flow constraints, allowing the business to increase its inventory for spring/summer. The facility frees up business funds in areas such as purchasing additional raw materials, upgrading machinery, expanding facilities, or hiring more employees.

The HSBC UK support will also help the business to spread cash flow throughout the year by enabling the retailer to extend the terms of international imports.

Volt Bikes offers a greener and more affordable option to motorised vehicles such as cars or scooters while enabling travelling longer distances than non-motorised bikes.

VOLT enable prospective riders to make the transition to sustainable transport by providing affordable alternatives, a significant saving on the expensive costs associated with public transport or a car.

The UK’s e-bike market is worth over £224million in sales, having grown substantially over the last five years. Sales of e-bikes have been expected to triple by the end of 2023, and the adoption of e-bikes is showing no signs of slowing down.

The support from HSBC UK will facilitate growth for the retailer in line with its mission to encourage environmentally friendly and healthier transport choices by accelerating the adoption of e-bikes as a replacement for fossil fuel vehicles.

With around 100 million road miles covered on its bikes as an alternative to using carbon emitting vehicles in the UK, an estimated 4.1 million tonnes of CO2 has been saved by riders opting for a Volt e-bike over fossil fuel powered vehicles.

James Metcalfe, Founder of Volt Bikes said: “This funding will allow us to take our business to the next level. We aim to make e-bikes accessible to everyone and to promote sustainable transportation alternatives.

“With the support of HSBC UK, we can drive growth and make a greater impact on the environment and the future of transportation. We’re excited to be at the forefront of the sustainability transport industry and cannot wait to see what the future holds.”

Inigo Gallastegi, Relationship Manager at HSBC UK, added: “The enthusiasm and commitment of Volt Bikes to providing sustainable travel solutions and promoting the benefits of e-bikes for both individuals and communities makes them a leader in their industry.”

Volt is a multi-award-winning brand of electric bicycles designed and manufactured in the UK, with its head office in central London and factory in Milton Keynes. Founded in 2010 by brothers James and Lyle Metcalfe, Volt’s product range currently comprises 12 e-bike models, including folding, hybrid, urban, and mountain bikes.

Volt’s bikes can be seen across the whole of the UK, with customers from the Shetland Islands all the way down to Cornwall and everywhere in between. Targeting both business and consumer, the bikes are used for leisure riding, commuting, mountain biking, carrying cargo, or riding off-road trails.

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