Last week BikeBiz reported that Cyclescheme had made the shortlist of the one hundred fastest growing UK companies.
But, with a growth rate of nearly 350 per cent a year, it can now be revealed that Cyclescheme tops the annual compilation of 'must-watch' companies, a huge accolade for the business which provides a Cycle to Work scheme service to UK independent bike shops.
Cyclescheme was set-up by the ex-owners of Avon Valley Cyclery of Bath: Richard Grigsby and Gary Cooper. In 2005 they created their business after witnessing the lacklustre performance of the first Cycle to Work third-party facilitator, Booost.
In the first year of trading, turnover was £253,000. It's now nearly £25m a year. In one day in June, Cyclescheme sent out 800+ bike vouchers, more than the number of vouchers it sent out in the whole of its first year.
The business now has 25 staff in a three-storey building in Bath.
Cyclescheme has sent customers to bike shops from the likes of Rolls-Royce, BBC, Coca-Cola and more than a third of Britain's police forces and councils.
All of the Fast Track 100 companies get to send executives to a party early next year at the home of Virgin's Sir Richard Branson.
Virgin has sponsored the league table for 13 years. The list is published as a supplement in the Sunday Times.
Branson said: "The last year has been one of the toughest I remember in business; but the fear of the early part of 2009 has been replaced by optimism we will find a way through. This sense of optimism is reflected in the sterling performance of the Fast Track 100 companies who are expecting impressive continued growth this year."
Article courtisey of BikeBiz:
See our Fast Track 100 page:
The introduction of the National Living Wage (NLW) earlier this year has certainly created debate, and there has been plenty of discussion around what it actually means for both businesses and their employees.
Cycle to Work Day 2016 is on Wednesday 14th September for a fantastic fourth year, encouraging everyone to take to two wheels and cycle to work for just one day.
Christmas, birthdays, the launch of a ‘must have’ tech device… There’s always something we need or want to buy for ourselves, friends or families on a regular basis. With the cost of living on the increase and average salaries remaining stagnant due to our uncertain economic climate, access to non-essential or luxury goods may become more out of reach for many of us than it is today.