Micromobility retailer Pure Electric has secured £10 million after an inventory finance facility from Secure Trust Bank Commercial Finance.
The firm, which has 17 stores in the UK, plans to use the funds to expand its operational capacity and make general improvements.
Pure sells e-scooters, e-bikes and e-cargo bikes at its stores and online, although private e-scooters remain banned on public roads in the UK.
Founded in 2018 by Adam Norris, Pure employs 284 people and acquired former Halfords-owned bike shop chain Cycle Republic in 2020.
“At Pure, we’re here to revolutionise urban travel with differentiated products and services that benefit our riders and the planet, as we seek to reduce pollution, travel times and congestion in cities across the globe,” said Stephen Marshall, CFO at Pure Electric.
“Secure Trust Bank is now helping us to take that to the next level with this facility. The team worked flexibly and made the process straightforward and efficient. This working capital will enable us to expand our operational capabilities and make improvements to the Pure offering, allowing us to bring the reality of a cleaner, healthier future closer than ever before.”