The funding contributed to a management buyout, which saw four members of the senior management team take over the running of the business after 50 years of ownership by the Moore family.
Four members of senior management – Andrew Walker, Dale Vanderplank, Adam Biggs and Adam Garner – stepped up to run Moore Large as Chairman and Managing Director Nigel Moore began his retirement after over 40 years at the helm.
The buyout will see the company enter its next phase of growth following a surge in demand for bicycles since the pandemic started. The funding will give Moore Large a kickstart as it aims to grow the business by 40 percent over the next four years by focusing on developing its house brands, which include ‘ETC’ and ‘Forme’.
Nigel Moore, Chairman and Managing Director at Moore Large, commented: “After over 40 years leading the company, I’m excited to be retiring and entering a new phase in my life. The last few years at Moore Large have been particularly successful and now feels like the right time for me to hand over the company to the senior management team.”
Andrew Walker, Commercial Director at Moore Large, added: “The demand for bikes continues to increase and as our long-term financial partner, the funding from HSBC UK will greatly help to support the future development of Moore Large as the new board gears up for major growth.”
“I’d also like to extend my thanks to David Nelson at PKF Smith Cooper, who has helped to facilitate the deal between the management and vendor.”
Andrew Walker, Commercial Director at Moore Large
Other key individuals involved in the deal were Debra Martin at Geldards, who acted for the Moore Family, and Mark Rutherford of Gateley, who acted on behalf of the Management team. Ivan Wilcox and Steve Round of Cooper Parry also provided tax advice to the shareholders.
Graham Brown, Relationship Director at HSBC UK, said: “The demand for sustainable travel has increased heavily in the last few years, with cycling also offering many health benefits. We’re proud to be supporting the UK’s largest family-owned bicycle distributor with this buyout and its growth plans to drive demand for bikes around the country and help people make the switch to cycling.”
The Guardian recently revealed figures, in 2021, that suggest a boom in weekend cycling over the past two years with a rise in leisure-time cycling of up to 60% in some parts of the country. Bicycle popularity has also grown as a result of people wanting to live more environmentally friendly lifestyles, endorsed by government schemes such as the Cycle to Work Scheme and the Fix Your Bike voucher scheme.
David Nelson, Senior Partner at PKF Smith Cooper, facilitated the deal. He commented: “I am delighted to have been involved in this transaction and seen such a great and important business transition its ownership. I wish both the management team and Nigel Moore every future success.”