Bath-based Cyclescheme, a business that specialises in the administration of tax efficient cycle to work programmes, has become a part of the Grass Roots Group, the business services company headquartered in Tring, Hertfordshire.
Cyclescheme, which last year reported sales of £22.7m was founded in 2005 by Richard Grigsby and Gary Cooper, both avid cyclists. The two enthusiasts successfully ran their own bicycle shop in Bath when persistent attempts to join a nationwide Cycle to Work provider proved futile. Their response was to start their own scheme, which has grown to such an extent that the Sunday Times, in its Fast Track 100 report last year, listed Cyclescheme as the no. 1 fastest growing private company in the UK.
Clients include Coca-Cola, Rolls Royce, Barclays, the BBC, central government, councils NHS Trusts, Police Authorities and half of the country’s Fire and Rescue Services. On behalf of these and over 9,000 other active client organisations, Cyclescheme has processed more than 150,000 fully equipped bicycles on behalf of their clients’ employees. Under the government’s policy of encouraging healthy living and greener modes of transport, these cycling beneficiaries have acquired new bikes on terms that allow them to make valuable savings on tax and national insurance.
Grass Roots Group was set up in 1980 by Chairman and CEO David Evans MBE. With a turnover of £265m and offices in sixteen countries, it offers a broad range of marketing, research and HR services on an international scale. In the UK, the Group has a broad employee benefits offering, including flexible benefits, total reward communication, childcare vouchers (care-4) and its own cycle scheme, known as bike4work.
“I’m delighted that Richard and Gary have chosen to join the Grass Roots family”, commented Evans. “The strategic fit is excellent, but just as importantly there is a strong sense of shared values. They have immense passion for what they do and a great team of people that have followed their vision. This is a first class business with great scope for future development. It’s a hugely exciting moment for all of us.”
Richard Grigsby echoed similar sentiments: “Gary and I felt the time was right to become part of a larger business, providing we could find one which shared a similar ethos. We have known Grass Roots since our conception and they know us, and our marketplace, very well. David and his senior team also enjoy a great reputation for looking after their people. We feel very comfortable with our decision to join them and hugely optimistic for the future of our business”.
Grass Roots Managing Director, Andy Lister and Head of Employee Benefits, Paul Bartlett will join the Cyclescheme board. The business will remain in Bath with Richard Grigsby and Gary Cooper continuing as Directors.