The company, which was established 15 years ago, has seen its profits rise year on year since it was taken over in 2005 by Chris Herd, James Dalton and Toby Dalton as part of a management buyout.
According to MD Chris Herd, the current economic downturn has boosted the bike trade with people increasingly choosing to bike to work.
“The current economic conditions are fuelling a national boom in cycling and we are in a good position to take advantage of this locally," said Herd.
"We're currently very busy. Cycling is very popular at the moment, with costs associated with the banking crisis, and environmental impacts magnifying this.”
Wheelbase employs 21 staff at its Mill Yard showroom where it retails bike brands Cannondale, Whyte, Marin and Kona.
Ian Clark of Moore and Smalley Chartered Accountants, business advisors to Wheelbase, said: “Wheelbase has shown that with the right approach niche businesses can still prosper.
“Chris, James and Toby have worked extremely hard over the past three years to make Wheelbase a success and their turnover results reflect this.
“In these uncertain economic times businesses need to go back to basics and make sure that business plans are up to date, costs are being constantly assessed and that excellent customer service is a priority.”