HSBC UK supports management buyout of UK’s largest family-owned bicycle distributor

Derbyshire bicycle supplier and distributor Moore Large has received an eight-figure funding package from HSBC UK to support the company’s growth.

The funding will contribute to a management buyout, which will see four members of the senior management team, to include Andrew Walker, Dale Vanderplank, Adam Biggs and Adam Garner, take over the running of the business after 50 years of ownership by the Moore family. The move comes as Chairman and Managing Director Nigel Moore begins his retirement after over 40 years at the helm.

The buyout will see the company enter its next phase of growth following a surge in demand for bicycles since the pandemic started. This has given Moore Large a kickstart as it looks to grow the business by 40 per cent over the next four years by focusing on developing its house brands, which include ‘ETC’ and ‘Forme’.

Nigel Moore, Chairman and Managing Director at Moore Large, commented: “After over 40 years leading the company, I’m excited to be retiring and entering a new phase in my life. The last few years at Moore Large have been particularly successful and now feels like the right time for me to hand over the company to the senior management team.”

Andrew Walker, Commercial Director at Moore Large, added: “The demand for bikes continues to increase and as our long-term financial partner, the funding from HSBC UK will greatly help to support the future development of Moore Large as the new board gears up for major growth.”

“I’d also like to extend my thanks to David Nelson at PKF Smith Cooper, who has helped to facilitate the deal between the management and vendor.”

Graham Brown, Relationship Director at HSBC UK, said: “The demand for sustainable travel has increased heavily in the last few years, with cycling also offering many health benefits. We’re proud to be supporting the UK’s largest family-owned bicycle distributor with this buyout and its growth plans to drive demand for bikes around the country and help people make the switch to cycling.”

The Guardian recently revealed figures, in 2021, that suggest a boom in weekend cycling over the past two years with a rise in leisure-time cycling of up to 60% in some parts of the country. Bicycle popularity has also grown as a result of people wanting to live more environmentally friendly lifestyles, endorsed by government schemes such as the Cycle to Work Scheme and the Fix Your Bike voucher scheme.

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Media enquiries to:

Tia Patel, HSBC UK Media Relations – tia.patel@grayling.com / 07784 306 523

Email: UKPressOffice@hsbc.co.uk

Note to editors:

About HSBC UK

HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,958 billion at 31 December 2021, HSBC is one of the world’s largest banking and financial services organisations.

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