Brixton Cycles nears fundraising target as it seeks to ensure survival

Over 800 backers have helped Brixton Cycles surge the majority of the way towards its £40,000 funding goal in just a few days, as the co-operative bike shop seeks to ensure its survival.

The worker-owned shop, which won the Best Small Bike Retailer category at the London Cycling Awards last year, is currently located next to Stockwell Skatepark but its premises are due to be demolished and turned into flats. The worker-owned enterprise needs to move elsewhere by the end of January and the Crowdfunder campaign is aimed at raising part of the moving costs, which are estimated to be between £120,000 and £150,000.

Almost half of the fundraising target of £40,000 was raised within hours of going live and at the time of writing, around £38,000 had been raised with 29 days still remaining. Crucially, however, the campaign is all-or-nothing, so none of that money is secure until the £40,000 mark is hit.

The team says it has already found new premises and has agreed in principle, but is yet to sign. They say that even if the new deal doesn’t work out, having the money from the Crowdfunder campaign will allow them to put down a deposit when the right place does come up.

The original shop was in Coldharbour Lane, in the heart of Brixton, and the business stayed there until 2001 when it moved to Stockwell Road. The current premises are owned by Community Trust Housing (CTH), which had been discussing redeveloping the site for many years. CTH has long charged Brixton Cycles less than the market rent, partly in return for the co-operative looking after the adjacent skatepark.

While CTH has offered to provide space for the shop after the redevelopment, the rent would have tripled and it would also have entailed moving to interim premises while the redevelopment work was being carried out.