The high street mobility chain Pure Electric has secured £10 million to help expand the business.
Following an inventory finance facility from Secure Trust Bank Commercial Finance, Pure Electric plans to spend the £10 million to expand its operational capabilities and make improvements to the company.
Pure, founded in 2018 by entrepreneur Adam Norris, now employs 284 people and has 17 stores across the UK, following its acquisition of former Halfords-owned bike shop chain Cycle Republic stores in 2020.
Stephen Marshall, CFO at Pure Electric, said: “At Pure, we’re here to revolutionise urban travel with differentiated products and services that benefit our riders and the planet, as we seek to reduce pollution, travel times and congestion in cities across the globe.
“Secure Trust Bank is now helping us to take that to the next level with this facility. The team worked flexibly and made the process straightforward and efficient. This working capital will enable us to expand our operational capabilities and make improvements to the Pure offering, allowing us to bring the reality of a cleaner, healthier future closer than ever before.”
An inventory finance facility is loan based on the value of the borrower’s inventory. The loan is often used to purchase new inventory, but can also be used to cover other types of business expense.
Matt Broomfield, regional sales director at Secure Trust Bank Commercial Finance, said: “Pure Electric is a growing international brand focussed on creating a better future using products that put the planet first. It has a strong management team with a passion for new, game-changing technology and has quickly become a market-leader.
“We worked closely with the management team to understand plans for the business in the years ahead and it was clear that continued product development was essential to growth. We were able to create a flexible facility at a key moment in the company’s growth journey, and we look forward to seeing their growth continue.”
In April 2020, Pure Electric announced that it would be taking ownership of 11 Cycle Republic stores, after Halfords announced it would be closing down its high street bike shop chain.
The Pure Electric takeover saved 85 jobs, as employees were transferred to the e-bike and e-scooter specialist.