Chelverton Asset Management Limited (Chelverton), a specialist investor in sub-FTSE 100 quoted equities and unquoted SMEs, has completed its first transaction of 2018 with an additional investment in VeloVixen.
Having supported the company initially in 2016, Members of the Chelverton Investor Club – a syndicate of High Net Worth private investors – have committed a further six figure sum as the VeloVixen looks to build on its recent rapid growth, with the launch in 2018 of its first own-brand products, as well as a concerted focus on its increasingly significant export markets.
Oxfordshire-based Pedalling Forth Limited, T/A VeloVixen, which is the UK’s leading retailer of cycle clothing and accessories geared exclusively towards the female rider, was recognised as Best Online Store of 2017 by BikeBiz – listing highly regarded international brands, as well as numerous smaller up-and-coming female-designed British brands, amongst its growing range of apparel.
The Company was founded by cycling enthusiasts Phil and Liz Bingham following a year-long cycle expedition through the Americas. Observing the male bias within the industry, and the limited options for apparel designed and cut with female riders in mind, VeloVixen commenced trading in 2012.
Chelverton Investment Director, Richard Bucknell, who led the transaction on behalf of Members of the Chelverton Investor Club, says: “It has been an absolute pleasure to work with Phil and Liz over the last couple of years and to see the rapid progress they have made in that time. Our view of the market opportunity has been re-affirmed during this period and our investors were suitably enthusiastic in supporting the next stage of VeloVixen’s evolution.”
