Pike + Bambridge secures £1m investment to drive growth across UK
Car leasing specialist Pike + Bambridge, which has offices in Edinburgh and Aberdeen, is on track with a £1 million investment to drive further growth across the UK.
The company helps businesses and individuals to make the switch to electric and hybrid vehicles, by making the process simpler, faster, and more personal. A 2,000 strong client base includes The R&A, Brodies, French Duncan, the Faculty of Advocates, Hibs FC, Aberdeen FC, and over 300 sports stars including Ian Wright, Andy Nicol, and Kumar Sangakarra.
With the first £500k tranche secured exclusively from clients in December, Pike + Bambridge has now embarked on the second tranche of its £1m investment target, and it expects to close the round during Q2. The company grew revenue to £3.7m in 2022, while growing headcount to 16 at its Edinburgh, Aberdeen, and London hubs.
Piers Bambridge-led Pike + Bambridge operates nationwide and is built primarily on a referral model.
CEO Bambridge said: “Our longer term growth strategy centres on a typical client passing us one extra client every year.
“With an agile and customer-focused team, we are able to offer a much more personal service than larger dealerships, and our next phase of growth will see us up headcount and continue expansion across the UK. We opened a London hub last summer, and that’s helped us make inroads in South East England.”
Pike + Bambridge also plans to launch a fintech platform this year which will aggregate pricing from over 26 auto manufacturers and seven leading banks, which the company says will enable clients to see live pricing and automated finance decisions, and “simplify client journeys”.
The company hired Emma Blyth as head of people last year from EY, a role that will support onboarding further positions this year including head of brand, and head of partnerships. Longstanding shareholder Jack Ogston, a financial sector veteran following a long career with Clydesdale Bank and various non-executive roles, joined Pike + Bambridge’s board in August as Non-executive chair and investment director.
Mr Bambridge says the adoption of electric vehicles (EVs) is the primary driver in the market, and the majority of Pike + Bambridge’s corporate clients have signed up to the Salary Sacrifice Scheme product, which helps employees save 40 to 50 per cent on their new EVs.
He added that “Employee engagement is absolutely key here. We work closely with firms on this aspect, and it’s become a real USP”.
The company hired Emma Blyth as head of people last year from EY, a role that will support onboarding further positions this year including head of brand, and head of partnerships. Longstanding shareholder Jack Ogston, a financial sector veteran following a long career with Clydesdale Bank and various non-executive roles, joined Pike + Bambridge’s board in August as non-executive chair and investment director.
Mr Bambridge said: “It is clear electric vehicles are here to stay, with autonomous technology just around the corner, so as an industry we need to do a better job of educating people around the perceived challenges, like charge points for example when we’re talking about EVs.
“There is a lot of misinformation around, we need to cut through that and present the facts in a clearer fashion.”
The company is forecasting double-digit revenue growth in 2023.