Ribble Cycles has posted a 22 per cent increase in annual pre-tax profits totalling a record £2.6 million.
Up from the £2.13 million posted the year before, Ribble has this year expanded too, with a deal to acquire new premises at Walton Summit, which will increase capacity to 43,000 sq ft and 'greatly improve efficiency'.
Terry Dove, managing director of Ribble Cycles, said: “The increased profile of cycling has had a marked effect on our performance. Our increase in profitability has, however, been mainly due to the strong and growing demand, both here and overseas, for our own Ribble bike brand. 2013 will be a more challenging year for us as we deal with the move of our entire operation to larger premises.”
James Treadwell, partner at Moore and Smalley Chartered Accountants and Business Advisors, which has advised the company on its acquisition of new premises, said: “Ribble Cycles has developed an incredibly strong and loyal online customer base and these hugely impressive financial results reflect the company’s ever-growing stature. The company is on track to deliver another good performance in 2013 and its move to larger premises will benefit the business significantly.”
Ribble Cycles 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 via the internet.