'Our success is down to the fact our customers can buy bikes, clothing and equipment from leading brands at discounted prices'
Ribble Cycles – the Lancashire-based internet retailer of bikes, cycle clothing, parts and accessories – has revealed record pre-tax profits of £2.13m.
Ribble Cycles employs 50 people at its base at Walton Summit, Preston, selling road and track bikes, parts, accessories and clothing to customers around the UK and overseas.
The company’s range of Ribble branded road and triathlon bikes, previously distributed throughout the UK, are now available worldwide.
“We are extremely satisfied with these financial results and we’re forecasting a further increase in profitability in 2012," said managing director Terry Dove.
"Our success has been down to the fact that our customers can purchase bikes, clothing and equipment from the leading cycling brands online and at discounted prices.”Article continues below
James Treadwell, partner at Moore and Smalley Chartered Accountants and Business Advisors (which has advised the company for years, we're told), added: “These hugely impressive financial results are testament to the company’s continued innovation in finding new ways to expand the business and reach more customers through the internet. The company has had a great start to the year and is on track to deliver another strong set of figures for 2012.”
The retailer is one of the oldest cycle retailers in Preston, having being established in 1897. Originally trading from premises in Watery Lane, Preston, business in more recent times has been conducted exclusively by mail order via the internet.