Saving failing bike firm 'a schoolboy's dream'

James Knowles (left), Kevin Devin (middle) and Jeremy Murphy bought the firm with Marcus Vaughan, who lives in Ireland

As schoolboys they loved cycling, but little did four friends know they would go on to own a world famous bike brand.

James Knowles, Kevin Devine, Jeremy Murphy and Marcus Vaughan came together last year to purchase Derby-based Mercian Cycles after it went into voluntary liquidation.

The company dates back to 1946 and is well known in cycling circles.

Mr Knowles, who also owns a building company, admitted the decision to buy the firm was similar to someone buying the football club they support.

The brand dates back to 1946 and is well known among cyclists

"It's a decision from the heart rather than the head," he said.

"Commercially it's a challenge. It's a small company - but it's got a big history.

"What we have tried to do is continue the tradition of Mercian hand building bikes."

The other three owners are Mr Devine, who also works in construction, Mr Murphy, who works in property, and Mr Vaughan, who works in finance.

"Any male of a certain age will say they wanted one [a Mercian bike] in the shop window," said Mr Devine.

The company is due to relocate from its small workshop on an industrial estate in Allenton to a new premises in Little Eaton.

"Mercian has been here since the 60s," said Mr Devine. "The building as we have learnt would cost too much to update and it is not big enough."

A special edition frame was designed by Paul Smith for Mercian Cycles

Despite its financial problems prior to liquidation, the company has retained global interest.

Fans of the brand include fashion designer Paul Smith, who owns and rides several Mercian bikes.

He credits his career to being knocked off his Mercian bike in the 1960s, and more recently has designed colour schemes for the brand's bicycle frames.

"It is such a famous worldwide brand - we send bikes all over the world," said Mr Murphy.

"For the last 80 years we have been sending bikes to America, Canada, China, Japan."

All the bikes are handmade in the workshop, with customers measured while cycling on an exercise bike to get the right fit.

Many high-end racing bikes are made of carbon fibre but the company's frames continue to be made only from steel.

Frame builder Tim Leicester has been with the firm for more than 20 years and said he was proud to be part of Derby's engineering heritage.

"Derby is a transport hub with Rolls-Royce and the trains," he said.

"It's all about the wheel of Derby - only ours are human powered."