Irwin Mitchell’s Corporate Team Advises On Multi-Million Pound Investment Deal
Source BMX, the world’s leading omni-channel BMX retailer, is set to grow its online sales and fast-track international expansion after securing a £5.7 million investment from BGF.
Source BMX was founded by brothers Rich and Marc Moore in 2003 and has grown to offer the largest selection of BMX bikes, parts and accessories anywhere on the market, sold direct to consumers via its website.
It now exports to 93 countries and opened its US warehouse in November 2019, during which time sales in North America have grown to over 60% of total revenue. Source BMX opened a warehouse in in Germany last December 2020 to aid European sales in light of Brexit and to facilitate expansion into Eastern Europe.
Irwin Mitchell’s Corporate team provided legal advice to Source BMX in relation to the investment.
Bryan Bletso, a Corporate partner at Irwin Mitchell, led the team alongside Jeff Carvell, Ben Gale and Lauren Dunnill.
Expert Opinion”Source BMX has recorded significant growth recently. It is in a really strong position to take advantage of the expanding global BMX market and it will no doubt be boosted by Freestyle BMX being an Olympic sport in Tokyo 2021. This investment is certainly very timely and I look forward to seeing the business grow and realise its international expansion plans over the coming years.” Bryan Bletso - Partner
Rich Moore, managing director of Source BMX, said: “We’ve grown over the last 18 years without any external funding and now is absolutely the right time to bring in a partner that can help us to grow the brand and scale internationally. We had great chemistry with the BGF investment team and their approach to minority equity investment over a longer time frame was very attractive to us as a business.”
BGF was set up in 2011 and has invested £2.5bn in nearly 400 companies.
Jonathan Simon from BGF said: “This is a hugely exciting investment for BGF. We believe wholeheartedly in the vision of both Rich & Marc and the potential of the brand. The business has grown quickly and developed a strong social following by maintaining its culture and focus along the way. There is a real opportunity to help scale the company into a globally recognised ecommerce platform in a growing sports niche. We look forward to supporting Source BMX as it reaches its ambitious growth plans.”