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Thursday, 21 August 2014

Cumbrian cycle store bought by online retailer

Kendal based online cycle store ProBikeKit.com has been acquired by one of Europe’s fastest growing online retailers - who labelled it ‘an outstanding brand for acquisition’.

The Hut Group acquired ProBikeKit for an undisclosed fee, seeing it as the perfect opportunity the Group’s lifestyle division.

ProBikeKit, also known as PBK, will join the Group’s Lifestyle division, alongside the existing brands of Myprotein, the UK’s largest sports nutrition brand and Myvitamins.

PBK is a leading online road cycling specialist retailer based in Cumbria, but with a global reach. It was started by a small team of passionate road cyclists in the early 90s.

Matthew Moulding, Chief Executive of The Hut Group, said: “We identified PBK as the outstanding brand for acquisition given its heritage, the breadth and longevity of its supplier relationships and its international customer reach.

“We are very excited about the prospect of combining the specialist know-how of PBK with The Hut’s ecommerce expertise to compete in a sector growing at 15% a year.”

The PBK range will be expanded to include triathlon, another high growth and complementary product category.

PBK’s already stock a range of specialist cycling gear including accessories, components, clothing, tyres and tubes, frames and sports nutrition and supplements.

The Hut Group is a ‘multi-category, multi-website’ specialist on-line retailer and brand owner, selling high repeat purchase goods direct to consumers across the sports nutrition; health and beauty; entertainment; gifting; clothing and accessories markets.

It has already acquired several big names such as zavvi.com and iwantoneofthose.com since it first launched in 2004.

The Hut Group was ranked no.1 in the ‘Sunday Times Tech Track 100 of the UK’s fastest growing companies’ and ranked the 3rd fastest growing digital company in Europe at the ‘GP Bullhound Media Momentum Awards’ in May 2010.

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