VANCOUVER, British Columbia (BRAIN) — Mobile bicycle repair franchiser Velofix said it is ending 2016 with 300 percent revenue growth over last year. The company added 44 new shops in the year, bringing its total to 89 franchise territories covered.
The privately held company did not release dollar figures for the revenue and also could not supply same-store sales growth figures.
But Velofix said 2016 was its best year since it was launched in 2012. In addition to the revenue and location growth, it launched the Velofix DIRECT complete bike sales program and a new website and established distribution partnerships with brands including Shimano, SRAM and FSA.
Velofix also renewed its title sponsorship of the Sea Otter Velofix Gran Fondo Coastal, and sponsorship of the Axeon Pro Cycling Team. It expects to open new operations in Chicago, Washington D.C., Las Vegas, and Minnesota between January and February.
"We stayed on the gas and really never let up all year, which has put us in a great position to start looking into further growth opportunities in Europe," said Velofix co-founder Chris Guillemet. "It also serves as a pretty confident reminder that quality, convenience and premium service represent the future of the modern bike shop, and we're proud to be setting that bar."
The company has plans to expand to a total of 150 franchises across North America next year.
