Funding puts cycling brand in saddle for growth

A cycling clothing brand is eyeing global expansion after securing a funding boost.

Attacus has been backed by NPIF II – NEL Smaller Loans.

Bosses say the support will bolster the firm’s product range, increase stock depth and accelerate marketing activity and ecommerce operations to target growth across Europe and beyond.

They add it marks an “important milestone” in the progress of 2015-launched Attacus, which was bought by Mira Marketing last year.

Stuart Bramley, Mira Marketing founder and Attacus owner, said: “This is a key step in building Attacus into a globally recognised cycling brand.

“This partnership with NEL gives us the confidence to move faster and make better long-term decisions – whether that’s in product development, brand positioning or expanding into new markets.”

NPIF II – NEL Smaller Loans is managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II.

Susan Snowdon, NEL Fund Managers investment executive, said: “Neil Stephenson approached me during a Sunderland Platform event to discuss plans he and Stuart had after acquiring the brand, as well as the potential need for investment. 

“With their combined expertise and vision, it was an exciting opportunity to be involved.

“I wish them all the best as they pursue their growth ambitions.”

Operated by British Business Bank, the £660 million Northern Powerhouse Investment Fund II covers the North and provides loans from £25,000 to £2 million and equity investment up to £5 million to help small and medium-sized businesses.

Sarah Newbould, British Business Bank senior investment manager, added: “Through the Northern Powerhouse Investment Fund II, we are committed to improving access to finance for innovative companies with strong growth potential. 

“This investment will help Attacus build on its foundations and accelerate its next phase of development in the UK and internationally.”

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