Bicycle retailer, Planet X, will create 50 new jobs in the next three years.
The expansion will swell the work force to over 110. The Sheffield-based firm currently employs nearly 60 people.
CEO, David Hanney, told RoadCyclingUK the new jobs would be created in assembly, warehouse, e-commerce and retail roles, as well as in traditional head office functions.
“We have grown rapidly over recent years. This funding lets us continue to grow with financial safety. It is a tremendous time for cycling in the UK and in Yorkshire as we look forward to the Tour de France coming in summer 2014,” he said.
The company was founded in 1987 by Dave Loughran, who Planet X say pioneered triathlon in the UK. It has its own brand of bicycles, and sells those under the On One and Titus brands.
Hanney said the company’s business model of sourcing components directly, assembling in the UK and selling online allowed Planet X to sell bikes at half the price of its on-line competitors.