Wheels keep on turning: Planet X gears up for the bicycle revolution

The Sheffield-based company, which designs, builds and retails performance bikes, expects to create 50 new jobs as it brings home assembly work from Taiwan.

David Hanney, chief executive, said: “As passionate riders the timing is perfect as we are all thrilled and excited at the prospect of Le Grand Depart coming to Yorkshire and the new partnership with Barclays will allow us to grow in the run up to Le Tour De France.”

He said Planet X is very profitable and has grown rapidly over the last few years as interest in British cycling reaches “unprecedented” levels.

He highlighted the team of cycling enthusiasts at Planet X, including chief mechanic Mark Lovatt, who he described as “the northern road cycling legend”.

Pete Wilmer, relationship director at Barclays, said: “There has never been a more exciting time for cyclists in Yorkshire with Le Grand Depart in 2014 and the new funding will allow David and his team to take advantage of the opportunities arising, leaving the business well placed for future growth. This deal serves as a clear indication that Barclays is open for business for quality transactions in well-managed companies.”