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said: "The last year has been one of the toughest I remember in business; but the fear of the early part of 2009 has been replaced by optimism we will find a way through.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."
BikeBiz visited Cyclescheme last week. There will be a profile of the company in the January issue.