Tandem Group inks exclusive UK distribution deal with VanMoof
Tandem Group
154.29p
10:39 20/09/24
Leisure and mobility equipment retailer Tandem Group said on Friday that it has entered into an agreement to be the exclusive distribution and sales partner for VanMoof in the UK.
FTSE AIM All-Share
747.06
13:29 20/09/24
Tandem expects the first batch of VanMoof's e-bikes to arrive within the week and, after a period of onboarding and training, will start selling its S5 and A5 models later in the fourth quarter.
The AIM-listed group noted that VanMoof, which was acquired by McLaren Applied last year, will be sold alongside its existing brands, including Dawes, Claud Butler, Elswick, Falcon, Pure and Squish.
Chief executive Peter Kimberley said: "We are thrilled to have established an exclusive partnership with VanMoof. Their team is incredibly passionate and talented, and their ambitious vision for UK growth aligns perfectly with our wider strategy of offering our dealer network the finest e-bike brands. The technology and innovation behind these award-winning bikes are truly impressive, and we're excited to introduce the full range to our dealers in the coming weeks."
As of 0910 BST, Tandem shares were down 5.63% at 151.0p.
Reporting by Iain Gilbert at Sharecast.com