An electric vehicle leasing firm which counts Aberdeen FC among its clients says it is on track to raise £1 million for a UK expansion drive.
Pike + Bambridge, whose chairman, Jack Ogston, 65, once dreamed of playing for the Dons, helps businesses and individuals make the switch to electric and hybrid vehicles.
It says it does so by “making the process simpler, faster, and more personal”.
The Edinburgh firm’s 2,000-strong client base also includes The R&A, Brodies, French Duncan, the Faculty of Advocates, and Hibernian FC.
And it has more than 300 sports stars on its books, including footballer-turned-TV pundit Ian Wright, former Scottish rugby captain Andy Nicol, and Sri Lankan cricket legend Kumar Sangakarra.
The company recently launched an electric vehicle (EV) salary sacrifice scheme with Aberdeen FC.
With a first £500,000 tranche of growth capital secured from clients last month, Pike + Bambridge says it has now embarked on a second phase of its £1m fundraising target.
It expects to close this latest funding round during the second quarter of the year.
The firm says it grew revenue to £3.7m in 2022, with headcount increasing to 16 across operations in Edinburgh, Aberdeen and London.
It is forecasting double-digit revenue growth in 2023.
Pike + Bambridge expansion in England
Chief executive Piers 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.”
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Read more: https://t.co/XwZAk1rdgr pic.twitter.com/mNWleMdRzp
— Pike + Bambridge (@PikeBambridge) June 10, 2022
Pike + Bambridge also plans to launch a fintech platform this year.
It says this will aggregate pricing from more than 26 automotive manufacturers and seven leading banks, allowing clients to see live pricing and automated finance decisions and “simplify” journeys”.
Firm’s chairman was one of Scotland’s top dealmakers
Mr Ogston is a veteran of the financial services industry in Scotland.
He is a longstanding shareholder in Pike + Bambridge and joined its board as non-executive chairman and investment director last August.
A former pupil of Inverurie Academy, he was once one of Scotland’s top dealmakers.
When he was at school, he wanted to become a footballer and play for his beloved Dons.
Although he played at school and amateur levels, his dream of becoming a professional player never worked out.
However, he did enjoy a successful career with Clydesdale Bank, becoming its head of specialist and acquisition finance.
He led a team of acquisition finance specialists based in Aberdeen, Glasgow and Edinburgh, developing funding packages for management buyouts, buy-ins and acquisitions.
Mr Ogston later held many boardroom and advisory roles with companies including Maven Capital Partners.
He was deputy chairman of the Scottish Building Society for more than nine years.
EV ‘misinformation’
Commenting on EV trends, Mr Bambridge said the vehicles were “here to stay”, with autonomous technology “just around the corner”.
But the industry needs to do a better job of educating people around the perceived challenges, like charge points, he said, adding: “There is a lot of misinformation around.
“We need to cut through that and present the facts in a clearer fashion.”
Conversation