A deal for a management buyout of Powabyke’s product range has been reached, after lengthy negotiations with the former owners, Eveport Ltd.
Powabyke UK Ltd, a new company, has been formed by Keith Palmer and Frank Curran to exclusively take over the range of electric bikes to manage sales, marketing and distribution throughout the country.
The official launch of Powabyke UK Ltd’s new Powabyke X3 range will be at the NEC Cycle Show 26th to 29th September.
Keith Palmer and Frank Curran were previously employed by Powabyke Ltd and have a combined total of 25 years of experience within the electric bike industry.
Keith Palmer, Co-Director of Powabyke UK Ltd, who also owns WAW Associates Ltd and conv-e, explains: “Frank and I have been through several buyouts of Powabyke, reporting to various changes in Directors. We are now pleased to take control of Powabyke and offer the stability that has been sadly missing.
Keith continued: “Many existing and past Powabyke dealers have known us since the start of e-bikes in the UK and we have an extensive network across the country. With over 40,000 Powabykes sold in the last 12 years, we are delighted to be making new sales whilst offering the best possible technical and service back up which has always been a priority.”
Frank Curran, Co-Director of Powabyke UK Ltd added: “I am delighted to be a 50% owner of Powabyke UK Ltd, now taking the Powabykes forward, as I have put a great deal of time into the company and its products. There is so much potential for Powabyke in the UK and the reception from people who hear that Keith and I have taken it over has been fantastic.
Frank continued, “Now that Keith and I are able to fully control the product through our own company, Powabyke’s range will be expanded over the coming months to include new products, whilst the website will be revitalised with regular updates. We know what the dealers want and can now react accordingly. The Powashop will also be reinvigorated with spares from the older models readily available.”
Made overseas, the ‘third generation’ of the ‘XByke’ model Powabykes are currently en route and expected to arrive in the UK mid-September.
This new Xbyke from Powabyke will have a powerful 250w electric motor with two modes of assist – pure power or pedal assist, making it effortless to cover greater distances than conventionally possible and a radius of 20+ miles.
Each Xbyke comes complete with; a 36 volt 10 amp high performance lithium battery with LED level display and 250W brushless motor; throttle and/or auto pedal assist operation; lockable battery and controller combined housing; aluminium frame; 6 speed Shimano gears; V brakes front and rear; suspension forks; gel saddle and suspension seat post; stainless steel spoke double rimmed wheels 700C (28”); rear luggage rack; compass bell; reflective strip tyres; overall weight (inc battery) 23kgs; retailing from £1079.
Visit www.powabyke.com for more information.
