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Planet X Gears Up For Expansion

posted 28 Feb 2013, 01:43 by RiDO Rotherham   [ updated 28 Feb 2013, 01:44 ]
Rotherham-based retailer Planet X Bikes hopes a new banking deal with Barclays will allow it to tap into the excitement generated by Yorkshire winning the right to stage the opening stages of next year's Tour de France. The funding will help create 50 jobs.

The UK's second largest bike builder, established more than 20 years ago, designs and builds bikes, selling direct to cyclists around the world.

Planet X has transferred its day-to-day banking to Barclays together with working capital, term debt, foreign transaction capability and has also negotiated borrowing facilities for its customers through Barclays Partner Finance.

"Barclays funding underpins our growth plans," said chief executive David Hanney. "We design high quality performance bikes, source the best components and assemble the bikes here in Sheffield to order.

"Our direct business model means we offer great quality and unparalleled service at highly competitive prices whether customers buy online, over the phone, or in one of our destination stores.

"The funding will help create 50 jobs over the next three years. As passionate riders the timing is perfect as we are all thrilled and excited at the prospect of Le Grand Depart coming to Yorkshire and the new partnership with Barclays will allow us to grow in the run up to Le Tour de France."

Pete Wilmer, Barclays relationship director, added: "There has never been a more exciting time for cyclists in Yorkshire with Le Grand Depart in 2014 and the new funding will allow David and his team to take advantage of the opportunities arising, leaving the business well placed for future growth."