Friday, May 4, 2012

News: Planet X set for further expansion in Rotherham


Cycle importer and retailer Planet X Ltd is gearing up for further growth in Rotherham after securing a £700,000 funding package from HSBC.

Planet X specialises in time trial, road, track and fixed wheel bikes along with mountain bikes under the On One brand. They relocated to new premises at the Ignite development in Templeborough in 2009 and soon after acquired more space, opening a 16,500 sq ft warehouse in 2011.

The trade finance package will allow Planet X to import fully assembled bikes from overseas partners for the first time and expand its online coverage. It is expected to give the growing business a boost in overseas markets.

Brant Richards, global brand manager at Planet X, said: "Working with HSBC is a huge jump for the business as we look to build on the current success and maximise the potential of Planet X, which started out as a small bike company in Rotherham and has grown to become an internationally recognised brand in the industry."

Martin Nattrass, area commercial director for HSBC in South Yorkshire, added: "This is the prime example of a business which has taken advantage of new business opportunities online and overseas to increase productivity and global product reach."

Established by keen triathlete, Dave Loughran in the 1990s to produce dirt, jump and trials bikes, Planet X sepcialise in internet sales and making bikes to order but the Rotherham base also includes a showroom and sales area.

Carrying more stock enabled them to start branching out into new territory, including Denmark, Spain, Germany, France, Belgium, the Netherlands and as far a field as South Africa. They acquired the Titus brand in 2010 to boost On One's expansion into the US.

Planet X website

Images: Planet X


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