Batribike passes full ownership to Promovec Holdings
Source: Cycling Industry News
Danish electric bicycle specialist, Promovec Holdings, has announced this week that they have furthered their relationship with UK bike brand Batribike by completing a full takeover of the manufacturer.
The successful partnership began in 2017 when Promovec bought into the business as a shareholder. The remaining quota has now been sold to Promovec by founders Steve Coulson and his wife, Jackie, both of whom are close to retiring. A new MD is to be assigned to run the company under its new guise, Batribike Limited (a subsidiary of Promovec Holdings), but until then, Steve Coulson will continue to direct the business and ensure the transition is trouble-free.
Promovec Holdings CEO, Jesper Lundqvist, commented that they are keen to put a strategy in place to grow the business, “We are looking forward to working with our dealer network to grow the business together and to develop the future e bike range.” Jesper went on to divulge the primary responsibility of the incoming MD, namely, “to grow the business further and move Batribike from the number four preferred supplier to independent stores, as discovered in CI.N research in 2021 to the number one position in future surveys.”
Batribike is a certified success story, having overcome difficulties generated by the pandemic jeopardy to report a growth in year-on-year sales for the past five years. The bicycle sector was hit hard by the pandemic, with component shortages, factory closures et al, but Batribike continued to provide high levels of service in this volatile period. The correlation between the two businesses is a major contributor to this success story, and the takeover from Promovec will maintain the wonderful relationship that Batribike currently has with its customers via investments and product development.