Britain’s longest-established bicycle maker developing innovative products for a greener transport market
- A British manufacturer of cycles since 1926
- Maker of an award-winning hire bike for London
- Diverse product range for B2B & B2C markets
- Customers in over 45 countries worldwide
Pashley is Britain’s longest-established bicycle maker. Founded by William "Rath" Pashley in 1926, we have been manufacturing in the UK for 97 years, and we offer our customers a unique range of quality, hand-made bicycles.
Many people know us for our beautiful classic bicycles, but we also make bikes for business customers. Our three core product ranges include:
• Cargo Cycles: for last mile delivery, vending & promotion.
• Bike Share: hire bikes & docks for urban environments.
• Classic Cycles: traditionally hand-built town & country cycles.
In an industry where we estimate over 90% of cycles sold in Britain are made overseas, we build every cycle by hand at our factory in the Midlands, just as we have since the 1920s. We have an experienced team of 38 employees - with a combined 570 years of service at Pashley - who design and manufacture products at our premises in Stratford-upon-Avon. These products are already sold in over 45 countries worldwide.
Substantial accomplishments to date
Continuously manufacturing in Britain for nearly 100 years, Pashley has a rich heritage. We have…
• supplied Royal Mail for over 40 years and with over 30,000 postie bikes.
• worked with many iconic brands including Mulberry, Montblanc, and the Morgan Motor Company.
• developed an award-winning hire bike for the London and West Midlands bike-share schemes.
• supplied cycle fleets to renowned hotels such as Gleneagles in Scotland, Brown’s Hotel in London, and Powerscourt in Ireland.
• featured in films including the beloved Paddington, Mary Poppins, and 101 Dalmatians.
• featured in numerous press articles including THE SUNDAY TIMES 100 “Ones to Watch” (Friday 1st July 2022).
• won awards for innovation and business, including the NVN Innovation Award 2021 and ‘Made in the Midlands’ ‘Manufacturer of the Year’ Award 2022.
• produced many cycles for promotional campaigns including for L’Occitane, Ralph Lauren, and Pol Roger.
• own several design patents, most recently for an innovative lock & dock system for bike share schemes.
• longstanding relationships with suppliers in the UK, EU, and FE including Brooks Saddles and Sturmey Archer.
• a management team with longstanding experience in the cycle industry.
• supplied bicycles which have been enjoyed by customers around the world, including by Royalty.
We supply our cycles through three main channels worldwide:
• via our dealer network of over 160 locations
• direct to businesses and public bodies
• direct via our ecommerce website
Today we are concentrating our efforts on three key areas of growth in the sustainable transport sector:
• E-cargo bikes: are being increasingly used by business for delivery of post, cargo & all manner of packages,
• Bike-share bikes: cities and local authorities are introducing bike-share schemes to reduce pollution and improve urban environments, and…
• Leisure e-bikes: as more consumers are using e-bikes for their personal transport and leisure needs.
We believe Pashley is well-placed to deliver and grow in the above markets. It already has an award-winning e-cargo cycle in production and is in advanced trials with major delivery fleets. It is already the manufacturer behind two of Britain’s largest bike hire schemes and it is aiming to launch a classically styled consumer e-bike in 2024.
Use of proceeds
The funds raised will enable Pashley to strengthen development activity and invest in the team going forward. They will be apportioned as follows:
• Investment in range development, testing and marketing = 40%
• Investment in manufacturing systems, equipment, and process = 30%
• Investment in support resources and skilled people = 30%
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. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
The company has the following outstanding debt:
1. Lloyds Bank PLC provides an overdraft facility to Pashley Holdings Ltd under a facility letter dated 20 September 2023. £847,724 credit is utilised from the overdraft facility, which has a limit of £1,115,000. Interest is charged at a rate of 4.05% per annum over the base rate of the Bank of England (giving a total interest rate which is currently 8.33% per annum). All monies owing to Lloyds Bank are currently due to be repaid no later than 31st December 2023 (or a later date as agreed by Lloyds Bank). The facility is due to be renewed on 31st December 2023. Lloyds Bank also has the following security (which includes a mortgage, and fixed and floating charges) over Pashley Holdings Ltd’s assets in relation to its overdrafts and its £10,000 Deferment Guarantee for Pashley Holdings Ltd to HMRC:
- a debenture from Pashley Holdings Ltd dated 15th June 2017;
- a mortgage in respect of all the long leasehold property of Pashley Holdings Ltd at Masons Road, Stratford upon Avon, dated 15th June 2017; and
- an Omnibus Guarantee and Set Off Agreement between Pashley Holdings Ltd and others dated 5th July 2017.
2. Bryden Holdings Pty Ltd has provided a loan to Pashley Holdings Ltd with the current outstanding principal due of £250,000.00 plus accrued interest. Interest is accruing on the principal amount each month at base plus 4.5%. The loan currently does not have a repayment schedule and there are no formal terms attached to the loan.
3. Adrian Williams (majority shareholder and chairman of Pashley Group Limited) has provided loans to Pashley Holdings Ltd with the current outstanding principal due totalling £233,263.87 plus accrued interest. Interest is accruing on the principal amounts each month at rates between the base rate plus 2% and the base rate plus 4.5%. The loans have no repayment schedule.
4. John McNaughton (shareholder of Pashley Group Limited) has provided loans to Pashley Holdings Ltd with the current outstanding principal due totalling £138,833.34 plus accrued interest. Interest is accruing on the principal amounts each month at rates between the base rate plus 2% and the base rate plus 4.5%. The loans have no repayment schedule.
Both Adrian Williams and John MacNaughton have security (fixed and floating charges over Pashley Holdings Ltd’s assets) in relation to their loans by way of debentures created on 11 May 2004. The Lloyds facility security arrangements rank ahead of the Adrian Williams and John MacNaughton loans in terms of priority. Priority between Adrian Williams and John Macnaughtan is governed under a deed of priority dated 2004.
5. Pashley Holdings Ltd has non-trade creditors in the ordinary course of business in respect of VAT (paid quarterly), tax and national insurance due to HMRC (paid monthly). pension payments (paid monthly).
6. There is an employee loan of under £500 to one of the factory team members from Pashley Holdings Ltd
Investors in this round are investing into and will become shareholders of Pashley Group Limited (Company No. 13249117). This is the holding company for Pashley Holdings Limited (Company No. 02974132) (“Pashley Holdings”). Pashley Holdings is the trading subsidiary of Pashley Group.
The Chairman and majority shareholder, Adrian Williams, divides his time between Pashley and Moulton Group Ltd (“Moulton”). Adrian Williams is also the majority shareholder in Moulton Group Ltd. Moulton is another bicycle business that was formally demerged from Pashley in 2021.
Pashley Holdings Limited (Company No. 02974132) has a business relationship with Moulton Group Limited where they supply Moulton Group Limited with metal frames. The value of the transactions is minimal.
GB Cycles Ltd is a non-trading company that is owned by Adrian Williams, John MacNaughtan, and Instrinsic Equity (all of which are shareholders of Pashley Group Limited). GB Cycles Ltd owns GB Cycle Components Ltd, along with Jeremy Burgess (who is also a shareholder of Pashley Group Limited). GB Cycle Components Ltd is also a non-trading company, but historically did a small amount of sourcing and branding of bicycle components (but not bicycles) which Pashley used on its bicycles.
Open an account to get access to the team members of Pashley Cycles
Already have an account? Log in
To comply with financial regulations, we can only show full campaign details to registered users.