Branson-backed bike sharing firm Beryl more than doubles losses
Losses at Beryl, a bike sharing company backed by two of Sir Richard Branson’s children, have more than doubled despite an uptick in its turnover.
In accounts filed almost four months late with Companies House, the business has posted a pre-tax loss of £7.5m for the 12 months to 31 March, 2024.
That total compares to the pre-tax loss of £3.8m it reported for its prior financial year.
Beryl’s accounts for its most recent financial year are due to be filed with Companies House by the end of 2025.
The results also show that its turnover increased from £11.3m to £12.6m.
Beryl runs bike share schemes in Bournemouth, Brighton, Cornwall, Hereford, Leeds, Norwich, Plymouth, Greater Manchester, London, the Isle of Wight, Portsmouth and Southampton, Worcester and Belfast.
It also operates eBikes in the West Midlands, Hampshire, Guildford, Stevenage and Bradford.
‘We remain optimistic about the future’
A statement signed off by Beryl’s board said: “We continued to see robust growth across all areas of our business.
“Our revenues, EBITDA [earnings before interest, taxes, depreciation and amortisation], Toal assets and net assets all improved, reinforcing the strength of our business model and the value we bring to communities and cities worldwide.
“Cumulatively, we’ve facilitated nearly 10 million journeys across our platform, planning our own run schemes, SaaS [Software as a Service] contracts and managed service contracts.
“This achievement underscores the growing demand for smarter, greener and more efficient transport solutions that put people first.”
On its future, Beryl added: “We remain optimistic about the future. Our commitment to innovation, sustainability and community-focused urban mobility continues to drive us forward.
“We are well-positioned to capitalise on the growth of micromobility, the increasing demand for sustainable transport and the ongoing evolution of urban infrastructure.”
Branson children among Beryl backers
Beryl counts the likes of Holly Branson, the daughter of Virgin founder Sir Richard Branson, among its shareholders.
Holly Branson is currently chief purpose and vision officer at Virgin and chair of Virgin Unite.
Her brother Sam, who set up HiddenLight Productions alongside former US Secretary of State Hillary Rodham Clinton and her daughter, Chelsea Clinton, is also a shareholder.
Other backers include Beryl’s chairman Simon Champ, Oakley Capital founder and Conservative Party donor Peter Dubens and the Andy Burnham-led Greater Manchester Combined Authority.
Funds controlled by Index Ventures, which has backed the likes of Pateron, Revolut, Robinhood, Discord, Deliveroo, Dropbox, Etsy and Slack also hold stakes in Beryl.
Founder Emily Brooke’s mother, Lady Paula MacLaurin, and stepfather, Lord Ian MacLaurin – a previous chairman of Vodafone and CEO of Tesco – are also shareholders.