havebike

Idea

Introduction

Every cyclist dreads their bike suffering a mechanical problem. This is when the realities of bicycle maintenance and the inconvenience of finding a repair shop hit home.

Moments like this are exactly why havebike was created. As the UK’s leading bicycle repair business, we take the inconvenience and uncertainty out of bicycle maintenance.

By collecting and returning your bike, we relieve the hassle of taking it to the bike shop. Just book it in and we’ll do the rest - fix it, maintain it and clean it - before returning it to your door. Getting you back on the road before you notice it’s gone.

Since our launch in 2010, we have been responsible for servicing the bikes of London's finest, trusted with approximately 2,500 specially designed bikes of London’s Police and Ambulance Services.

We are an authorised service agent for leading bicycle brands including, Brompton, Canyon and Ribble. We also hold Shimano Service Centre accreditation.

Substantial accomplishments to date

Established in 2010, providing 'pop-up' workshops in cycle parking areas in offices in Central London. We quickly developed expertise in fleet bicycle repair, servicing all of London's emergency services bicycles and were appointed as a maintenance partner on the London Cycle Hire Scheme ('Boris Bikes').

In 2014, we piloted 'Collect and Return' bicycle servicing for the consumer market (B2C) in Central London.

In late 2019, we developed our own technology platform and booking system. This proprietary technology platform (we've named it Atlas) allows us to manage online bookings, logistics, workshop operations and finance functions.

Supported by Atlas, we pivoted our focus towards our consumer facing (B2C) business. Creating a more balanced business, we moved away from the mobile pop-up workshops towards our ‘Collect & Return’ model which we launched at scale in early 2020.

Having expanded our coverage to accommodate all of Greater London and Surrey we have increased revenues by 484% (QTD to February 2021) and grew our customer base by 22% in the same period.

We continue to grow our customer base through our targeted marketing spend, which is currently giving us an impressive 560% Return On Ad Spend (ROAS).

Strengthening our credibility, we have, since 2010, serviced the bikes of London's finest, trusted with approximately 2,500 specially designed bikes of the London Metropolitan Police, City of London Police and London Ambulance Service.

Monetisation strategy

Collect & Return Bicycle Service & Repair

Our fastest-growing product, mainly thanks to the ease of use provided by our booking platform. Customers book slots online and choose from four different levels of service; from a basic £29.99 Bicycle Roadworthiness Check, to our £199.99 Super Deluxe Service. Additional labour and parts generate further revenue.

Fleet Bicycle Supply and Maintenance

The well-established corporate side of business-to-business (B2B) customers continues to flourish, with contracts for fleet bicycle supply and maintenance.

We are a market leader for the supply and maintenance of specialist bicycle fleets. Contracts with public sector organisations, such as the police and ambulance service, see us supply customised bicycles together with associated maintenance contracts for these assets over one to-three year periods.

Bicycle Brand Support

We have contracts with leading bicycle brands that see us deliver after-sales and warranty support, again generating revenue.

Use of proceeds

There has been a surge in demand of consumers with a growing appetite for cycling as a sustainable, healthy transport option and leisure pursuit. This increased level of demand has seen the cycling market increase by 45% since 2019 and in late 2020 was valued at £2.31 billion.

This demand has caught traditional high street retailers on the hop as they try to adjust to new levels of service requirements among their customers. The customers, meanwhile, are looking for convinient solutions and are increasingly turning to havebike.

Additional capacity is required for havebike to meet this growing demand for bicycle servicing and repairs in London and the South East. We also plan to open workshops in cities across the UK, supported by mobile workshops.

The investment proceeds are for the capital costs of opening new workshops and mobile workshops (including fit out), the increased marketing costs as we enter new markets and to support working capital requirements as we scale.