Monday 13 May 2019 9:06 pm

Folding bike firm Brompton searches for new chairman ahead of expansion

Folding bike company Brompton is searching for a replacement for its chairman as it aims to double in size over the next five years.

The company has appointed headhunters to find a successor to its long-serving chairman Tim Guinness, Sky News reported.

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The British bike firm wants to hire an executive who is themselves a cyclist with a background at a fast-growing consumer brand and has reportedly placed an advertisement on online recruitment platform Nurole.

The company's new chairman will work alongside chief executive Will Butler-Adams who was appointed into the role after he met Guiness on a bus journey in 2002. 

Brompton, which is privately owned, makes around 45,000 of its bikes a year at its west London factory.

Read more: Brompton goes electric, but its new bike lacks zip

In its latest accounts the company said it made a profit of £3.1m in the financial year to 31 March 2018, and reported turnover of £36.1m.

The company’s board members include entrepreneur Luke Johnson, who was the chairman of Patisserie Holdings before the cafe chain collapsed amid an accounting scandal earlier this year.