Planet X secures funding to expand

Sheffield company - which sells own-brand bikes direct to consumers - plans to create 50 new jobs over the next three years.
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Planet X of Sheffield has secured new bank funding which will enable it to expand, said chief executive David Hanney. The new funding has been provided by Barclays and will secure the jobs of 50 existing employees and provide the means to take on another 50 workers over the next three years. Barclays will also be providing the financing for Planet X's interest-free financing deals.

Planet X sources frames, parts and accessories in the Far East and mostly sells direct to consumers. It was founded in 1987. As well as the Planet X brand the company markets Titus and the On One brand created by Brant Richards.

"We design high quality performance bikes, source the best components and assemble the bikes here in Sheffield to order," said Hanney.

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