FUEL connection helps Velo Electric power growth
Businesses across County Durham and beyond are switching to new, greener modes of transport, thanks to Consett-based e-bike business Velo Electric.
The company, which is run by Richard Boulger, is based in a unit located directly on the former Consett steelworks -part of a development specifically built to regenerate the site, which also includes an attractive new housing estate.
Velo Electric recently received a regeneration fund loan from UKSE, Tata Steel’s business support subsidiary, and the funds will enable Richard to provide more eco- friendly travel options to both businesses and leisure cyclists.
Richard said: “Velo Electric has been trading for three years, and we are the only specialist e-bike retailer in the North East of England.
“The funding has enabled us to expand the range of e-bikes and e-cargo test bikes that we have in the shop, so we can continue to expand the consumer side of the business at the same time as moving into business-to-business opportunities for commercial customers.
“We are trying to remove barriers that prevent people trying e-bikes and here on our premises, people have the opportunity to test them.”
Velo Electric is now introducing its electric cargo bikes to local authorities and other organisations, with the help of the funds from UKSE.
The values of the organisation around improving community health and wellbeing through active travel and helping people and businesses to reduce their carbon footprint chime with the ESG (Environmental Governance and Social) goals of a wide range of organisations – including UKSE - making Velo Electric a great partner.
“For the last 10 years, I have seen how e-bikes give people more opportunities and independence,” said Richard, who has a background in sales and has always been a keen cyclist.
“We have customers who have suffered from heart attacks in the past and are not as fit as they used to be and I’ve seen how e-bikes have enabled them to get out and ride a bike again.”
Businesses across the region are increasingly using them for deliveries or transporting tools between sites with their cargo box on the back.
Richard met representatives of UKSE at a recent FUEL Roadshow put on by business funding specialist UMi and was able to discuss the funding opportunities they had for businesses.
“UMi set me up with an appointment with UKSE at the FUEL Roadshow and it went from there,” he said.
“The loan from UKSE has been so useful, as we continue to develop the business-to-business side of Velo Electric’s operations and further expand the consumer side.
“Both UMi and UKSE have been lovely to work with – fantastic!”
Claire Hinde, UMi’s business funding executive, said: “We met Richard at our Newcastle FUEL Roadshow, which was the first one of a series we are running throughout the UK.
“The overarching goal of the roadshows is to make it easier for businesses to access finance by facilitating meetings with potential funders and investors or, if they are at an earlier stage in their business journey, help them access information to get them investment ready.
“We are delighted to work with organisations like UKSE and to see a business like Velo Electric grow as a result of gaining access to finance through one of our events is great.
Peter Taylor, business development manager at UKSE, said: “Through our work, we are not only committed to providing business support and finance.
“We are also dedicated to regenerating the communities we serve, contributing to improving the environment and promoting health and wellbeing.
“This makes being able to support a company like Velo Electric, which is actively helping businesses and communities to reduce their carbon footprint while promoting health and wellbeing, particularly rewarding. We hope to see Richard’s business continue to go from strength to strength.”
Learn more about FUEL and find events near you, here.