CUMBRIA, United Kingdom (BRAIN) — U.K.-based capital investor BGF has made a "multi-million-pound" investment in bike retailer POS company Citrus-Lime.
Citrus-Lime's flagship platform, Cloud POS, integrates in-store and online stock management in real-time, payments and customer data into one connected system.
The company said the investment from BGF will support its "next phase of expansion, enabling further development of its technology and accelerating its domestic and international growth plans."
Neil McQuillan, founder and CEO of Citrus-Lime, said, "Independent bike dealers are at the heart of everything we do. Since launching Cloud POS, our focus has been to remove the everyday challenges that make trading harder, giving retailers the tools they need to work efficiently and confidently. The investment from BGF allows us to continue improving the technology and the support we provide to our customers, while expanding our reach globally.
"Our priority is to keep enhancing the platform in ways that make a real difference on the shop floor, simplifying workflows, improving visibility and supporting growth. BGF's backing means we can accelerate development, strengthen the support experience that underpins our success and bring the benefits of Cloud POS to even more retailers worldwide."
The deal was led by BGF investors Josh Bean and Courtney Walker. Bean said, "Citrus-Lime is a standout business with a growing and increasingly international customer base. It is highly scalable and addresses a clear market need, positioning the business for significant growth. We're backing an experienced leadership team and look forward to supporting Citrus-Lime as it enters its next phase of expansion."
BGF was set up in 2011 and has invested more than 4.7 billion pounds ($6.3 billion) in over 600 companies, making it the most active investor in the UK and Ireland. Its main shareholders are Barclays, HSBC, Lloyds and NatWest.
