Background
Mango Bikes was formed in 2012 by Ben Harrison, a keen mountain bike racer and ex-mountain bike World Cup circuit mechanic, and Jezz Skelton, an experienced marketer and customer services professional. Since its inception, the company has undergone rapid growth, with worldwide sales topping £1million.
Thrings has provided Mango Bikes with ongoing branding and intellectual property advice throughout this time.
Our involvement
The investment deal between Mango Bikes and renowned industry experts David Hanney and Toby Baxendale was the first time Mango Bikes’ received equity investment. Simon Hore led the deal, providing legal and strategic advice to the business. As part of the deal, Mr Hanney and Mr Baxendale both joined the senior management team.
Ben Harrison said: “This was the first time we had been faced with shareholder negotiations, and Simon and the team at Thrings gave the company some great legal advice, as well as completing the deal in a short timeframe.”
The outcome
The new management team strengthened Mango Bikes’ position in the market, with Mr Hanney and Mr Baxendale bringing board-level experience. With these enhanced investment and management structures in place, the bicycle retail specialist was able to focus on the production and sale of high quality, low-cost, customisable road, commuter and urban bikes.
On working with Thrings, Ben Harrison said: “This has been a genuinely enjoyable experience, but one that could have been very pressured. We use Thrings for all legal aspects of the business and intend to keep working with the team as Mango Bikes continues to grow.”
Thrings looks forward to continuing this relationship and helping the business towards even greater success in the future.
For further commentary on this case, or to discuss any corporate-related issue, please contact a member of Thrings’ Corporate team.
