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havebike

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Super convenient bicycle repair! We collect, clean, service/repair and return your bicycle to you.

114%
 - 
Funded 20 Jun 2021
£500,002 target
£571,815 from 376 investors
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Business overview

Location London, United Kingdom
Social media
Website www.havebike.co.uk/
Sectors Travel, Leisure & Sport Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 08919298
Incorporation date 3 Mar 2014
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Investment summary

Type Equity
Valuation (pre-money) £6.5M
Equity offered 8.08%
Share price £3.12
Tax relief N/A
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Business highlights

  • Industry leading collect and return bicycle repair business
  • Developed proprietary software with API for 3rd party integration
  • Quarter to date revenues to Feb 2021 increased by 484%
  • Trusted to maintain all London's Police & Ambulance Bicycles
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Key features

  • Secondary Market
  • Seedrs nominee min. £12.48 +
  • Pay by Bank payments not accepted
  • Idea
  • Investor perks
  • Key Information
  • Team
  • Updates
  • Investors 376
  • Discussion
  • Documents

Idea

Introduction

Every cyclist dreads their bike suffering a mechanical problem. This is when the realities of bicycle maintenance and the inconvenience of finding a repair shop hit home.

Moments like this are exactly why havebike was created. As the UK’s leading bicycle repair business, we take the inconvenience and uncertainty out of bicycle maintenance.

By collecting and returning your bike, we relieve the hassle of taking it to the bike shop. Just book it in and we’ll do the rest - fix it, maintain it and clean it - before returning it to your door. Getting you back on the road before you notice it’s gone.

Since our launch in 2010, we have been responsible for servicing the bikes of London's finest, trusted with approximately 2,500 specially designed bikes of London’s Police and Ambulance Services.

We are an authorised service agent for leading bicycle brands including, Brompton, Canyon and Ribble. We also hold Shimano Service Centre accreditation.

Substantial accomplishments to date

Established in 2010, providing 'pop-up' workshops in cycle parking areas in offices in Central London. We quickly developed expertise in fleet bicycle repair, servicing all of London's emergency services bicycles and were appointed as a maintenance partner on the London Cycle Hire Scheme ('Boris Bikes').

In 2014, we piloted 'Collect and Return' bicycle servicing for the consumer market (B2C) in Central London.

In late 2019, we developed our own technology platform and booking system. This proprietary technology platform (we've named it Atlas) allows us to manage online bookings, logistics, workshop operations and finance functions.

Supported by Atlas, we pivoted our focus towards our consumer facing (B2C) business. Creating a more balanced business, we moved away from the mobile pop-up workshops towards our ‘Collect & Return’ model which we launched at scale in early 2020.

Having expanded our coverage to accommodate all of Greater London and Surrey we have increased revenues by 484% (QTD to February 2021) and grew our customer base by 22% in the same period.

We continue to grow our customer base through our targeted marketing spend, which is currently giving us an impressive 560% Return On Ad Spend (ROAS).

Strengthening our credibility, we have, since 2010, serviced the bikes of London's finest, trusted with approximately 2,500 specially designed bikes of the London Metropolitan Police, City of London Police and London Ambulance Service.

Monetisation strategy

Collect & Return Bicycle Service & Repair

Our fastest-growing product, mainly thanks to the ease of use provided by our booking platform. Customers book slots online and choose from four different levels of service; from a basic £29.99 Bicycle Roadworthiness Check, to our £199.99 Super Deluxe Service. Additional labour and parts generate further revenue.

Fleet Bicycle Supply and Maintenance

The well-established corporate side of business-to-business (B2B) customers continues to flourish, with contracts for fleet bicycle supply and maintenance.

We are a market leader for the supply and maintenance of specialist bicycle fleets. Contracts with public sector organisations, such as the police and ambulance service, see us supply customised bicycles together with associated maintenance contracts for these assets over one to-three year periods.

Bicycle Brand Support

We have contracts with leading bicycle brands that see us deliver after-sales and warranty support, again generating revenue.

Use of proceeds

There has been a surge in demand of consumers with a growing appetite for cycling as a sustainable, healthy transport option and leisure pursuit. This increased level of demand has seen the cycling market increase by 45% since 2019 and in late 2020 was valued at £2.31 billion.

This demand has caught traditional high street retailers on the hop as they try to adjust to new levels of service requirements among their customers. The customers, meanwhile, are looking for convinient solutions and are increasingly turning to havebike.

Additional capacity is required for havebike to meet this growing demand for bicycle servicing and repairs in London and the South East. We also plan to open workshops in cities across the UK, supported by mobile workshops.

The investment proceeds are for the capital costs of opening new workshops and mobile workshops (including fit out), the increased marketing costs as we enter new markets and to support working capital requirements as we scale.

Investor perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Have Moblity Services (Holdings) Ltd, the company Seedrs investors will invest in, holds a 25% equity stake in Kenerica Limited, who source and supply bicycles for Havebike. Nick Brown, Founder of Havebike, is an unremunerated director of Kenerica Limited.

Existing Loans

The company has the following outstanding loans:

1. £50,000 Bounceback loan from an at an interest rate of 2.5% per annum. The loan is to be repaid in monthly instalments from 8th July 2021 until 8th June 2026.
2. £20,000 working capital loan from Paypal with no interest rate attached. The loan is to be repaid in instalments of £2224 every 90 days

The funds raised from this investment round will not be used to repay these loans.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £6,496,620

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This shareholding type is available and the minimum investment required to select it.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.