Johnson In Tandem With Bike-Maker Brompton

Luke Johnson, the serial entrepreneur, is backing the London-based folding-bike manufacturer Brompton as it strives to meet growing international demand.

Sky News understands that Mr Johnson has agreed to invest a significant sum of money in return for a minority stake in Brompton, and that he is to join the company's board as a non-executive director.

Mr Johnson's investment in Brompton comes just days after it announced plans to move to a larger factory in west London, a move that will enable it to double production to 100,000 bikes annually.

Brompton has developed a cult following among city-dwelling cyclists, and its success has contributed to booming sales and production of British-made bikes last year.

It is in the process of developing a new electric bike with the aid of technology developed by Formula One motor racing teams.

Brompton is a rarity among British manufacturers in that production still takes place in London, with strong demand for its bikes from more than 40 export markets.

Speaking earlier this month, Will Butler-Adams, Brompton's chief executive, said: “In the early days we couldn’t believe how big our factory was and how we would ever fill it.

"We have, and for some time we have been squashed in it and need more space.

"We are committed to London; Brompton was born from a need of city living, our staff are Londoners and the city continues to inform how the Brompton develops."

The company made a profit of £3.4m on turnover of £28m last year and it employs 240 staff, more than half of whom have skilled manufacturing jobs.

The size of Mr Johnson's investment in Brompton was unclear on Thursday, and he could not be reached for comment.

A source said that he had made the investment privately rather than through Risk Capital Partners, the investment firm he heads.

It is the latest in a series of stakes he has acquired using part of the wealth he amassed from successful involvement in a range of restaurant companies, such as Pizza Express and Patisserie Valerie.

In June, the entrepreneur, who writes a weekly column for The Sunday Times, bought a stake in Eclectic Bar Group and Ten Alps, the television producer founded by Sir Bob Geldof.

Mr Johnson, who has also been a director at companies including Channel 4 and Metro Bank, is expected to attend his first Brompton board meeting next month.