Andrew Ritchie, the inventor of the Brompton folding bike, has left the board of the company he founded in 1976, reportedly due to disagreements over the business’s plans for expansion.
Set up by Ritchie from his flat in the area of London from which the bike takes its name, Brompton is now a multi-million pound business and is targeting expansion overseas, particularly in China.
Last year, it moved to a new factory in Greenford – featured recently in a BBC programme – that will allow it to double capacity to 100,000 bicycles a year.
Led by CEO Will Butler-Adams, it is also developing a new electric bike, and last year received a cash injection from serial entrepreneur Luke Johnson, founder of Pizza Express, who invested in the firm for a minority stake and a seat on the board as a non-executive director.
A source quoted by This Is Money said: “Brompton is Andrew’s baby, but he’s been unhappy with certain aspects of how the company is developing.
“Things had started to upset him so he decided to step down from the board.”
The 69-year-old remains Brompton’s largest shareholder with a stake in the business of around 18 per cent and is reportedly still has some involvement in the business.