Cycling distribution giant ZyroFisher has gained a lending facility worth £25 million from Praetura Commercial Finance, money that will go toward bolstering the business as it takes a broader view on European trade.
With 28,500 lines of products on its books, all delivered from a 100,000 sq ft. warehouse in the North East, ZyroFisher has a substantial task supplying the cycle trade in the UK and Ireland. Further afield, a new facility in France handles European supply following its acquisition of leading French cycling distributor Royal Velo France in 2018.
Robert Haycock, CEO at ZyroFisher, added: “The world is facing many challenges at the moment, but the straightforward approach from Praetura Commercial Finance meant we could meet all our financing needs quickly and efficiently, and that was paramount for us. We now have an opportunity to supercharge our growth and take ZyroFisher to the next level, and with support from the Praetura team we’re confident that we will be able to make our ambitions a reality.”
Having formerly worked with Wattbike, the commercial finance business lends its backing to the distributor at a time when the cycle market faces what many hope will be short lived bottlenecks, amongst other broader market turbulence. In this climate cash flow has proved a sticking point for many businesses large and small.
Stuart Bates, Commercial Director at Praetura Commercial Finance, said: “We’re incredibly proud to be supporting another fantastic British company as it expands further into Europe. ZyroFisher has been active in the cycling space for many years and boasts a rich history, which is reflected in its partnerships with major global brands and household name retailers.
“Businesses need to adapt to changing conditions faster than ever, so many leaders are increasingly looking to independent financers that are much more flexible and entrepreneurial in their approach. We’re looking forward to working closely with ZyroFisher and supporting the business on its impressive growth journey.”
Praetura Commercial Finance is part of the wider Praetura Group, a specialist debt and equity capital business aimed at providing alternative lending solutions to more rigid institutional lenders.
ZyroFisher’s primary backer since 2017 has been Paletine Private Equity.