In what’s been punted as one of the largest leisure and sporting retail deals in the industry for many years, MoreGolf (PTY) Ltd announced its acquisition of Cycle Lab – the largest cycling retailer in South Africa.
MoreGolf is also acquiring a number of additional cycling related businesses including the PWC Cycle Park and the online fitness platform Fittrack. These new businesses will be housed within a new division called MoreCycle. Cycle Lab is the market leader in South Africa’s fastest growing sport, has 12 stores countrywide and is the only national cycle chain.
MoreGolf’s Stephen Reardon, who will lead the newly formed business alongside Cycle Lab’s Andrew McLean, views the acquisition as a platform for the future development of a best in class retail cycle chain. The MoreGolf group includes The Pro Shop, World of Golf, Golf Villages and playmoregolfSA, some of the best known names on the local golfing scene. “MoreGolf has managed to stay ahead of the curve in terms of extending the retail component of golf to include lifestyle aspects of the game,” says Reardon. “It’s a formula that has served us well for 37 years and we are confident the same philosophy applied to cycling will grow and redefine the business end of this sport within South Africa.”
The acquisition is good news for cycling enthusiasts, who will see the MoreGolf passion and proven excellence in customer focus, after-sales service and lifestyle platforms extend to the cycling space. “What has set us apart from competing brands is our ability to remain dynamic in a category that has been fraught with stagnation over the last few years,” says MoreGolf MD, Rhys Hughes. “We have achieved in excess of 30% growth over the last three years. With the sport of cycling on such an impressive growth curve, there is definitely a gap in the market to provide a one-stop solution to enthusiasts at all levels, from recreational to professional.”
Cycle Lab founder and current CEO, Andrew McLean, will remain on board in an executive role within the new structure, and brings to the table an enviable reputation within the industry. As a professional cyclist, regular co-host of SuperCycling and the brains behind the Cycle Lab concept, McLean’s involvement is integral to the future of MoreCycle. “The acquisition represents a new chapter in the Cycle Lab story, and one that will bring with it fresh business strategy and direction,” says McLean. “My role is to keep tabs on the needs of the market. I am confident that we will revolutionise the way cyclists of every calibre shop, learn and develop in their chosen sport.”
)
