Pedal Power on Staples Mill Road near West Broad Street is staying open after all under new ownership.
Former owner Randy Bohn retired in December after 28 years of operating the bicycle shop, located the last five years at 1904 Staples Mill Road.
Mark Friedrich, a bicycling enthusiast, read about the store closing and went to check out the inventory sale.
“I asked (Randy) ‘Why didn’t you try to sell the business? He said he did. Nothing came together,” said Friedrich, who has a background in engineering.
“The last year-and-a-half I had been looking for a small business to buy, working with SCORE…Randy’s financials looked good. The landlady entered the picture and decided to keep the rent the same for the next three years. A lot of things fell into place,” Friedrich said.
SCORE is a nonprofit association that provides mentoring for entrepreneurs. Friedrich said he worked with Art Mattox, a SCORE volunteer mentor, and the deal to buy the business closed in mid-December.
Longtime employees and bicycle service and repair technicians Travis Throckmorton and David Coccagna agreed to stay on.
Friedrich said he was able to work out a deal with manufacturer Giant bicycles, working with regional representative Michael Delano.
“They are one of the leading manufacturers in the industry. They make frames for a lot of the names that people are used to hearing and they make their own (models),” Friedrich said.
“I was able to get new terms on the inventory from the manufacturers, lowering the asset purchase price,” Friedrich said. “The bike shop just felt right…I think this bike shop has got some legs.”