Martin Mannering "stumbled across" the Irish vintage bicycle business when someone brought a rusty old High Nelly into his workshop in Cappamore, Co Limerick, asking his son Paul to convert it into an electric bike.
While the conversion was not difficult, finding parts for the vintage bike was a challenge. So he decided to expand his already successful electric, folding and three-wheeled bike business. That was seven years ago. Mannering started High Nelly Bikes Ltd. He refurbishes old "scrap" bikes to new condition, in a process that costs about €950. He also builds High Nelly replicas by hand.
What distinguishes your business from competitors? "What we aren't is a bicycle shop. That's the important distinction between us and everybody else in the country. We've never just sold product."
Instead, Mannering builds and modifies bikes to suit people’s needs. A blacksmith by trade, his workshop is the centre of the business. He decided to shift to bicycles when he saw the recession coming and thought cycling was about to “break” in Ireland.
What's been the biggest challenge you've had to face? Mannering says he is a "glutton for punishment" in that he has built up one part of the business, then started from scratch in a new direction several times.
“When you start something new, you get knocked back all the time.” He says persevering in the face of rejection has been one of the hardest parts of being in business.
And your major success to date? Mannering came "full circle" back to blacksmithing when he built a prototype of a High Nelly he really liked from the 1930s: the Irish Rover.
After attracting attention at a few exhibitions, Mannering took the prototype to Dragons' Den last February. Peter Casey, founder of recruitment company Claddagh Resources, invested €60,000 in the business, which allowed Mannering to open a shop in Atlanta, Georgia.
He now sells the replicas for about €1,900. He hand-built 48 of them last year, and 41 were exported, mainly to the United States. “We now export not only the parts, but the only Irish bicycle produced in the last 40 years . . . I made it for myself basically. It’s really beautiful. The actual model is something I’m very proud of.”
What could the Government do to help SMEs in the current environment and stimulate the economy? "One thing that's a bugbear of mine is the fact that a self-employed person is not entitled to anything at all if he fails . . . If a mass murderer was let out of prison after 50 years, he would be entitled to more than someone self-employed for 50 years. It doesn't encourage people to go out and be self-employed and put their whole livelihoods on the line," Mannering said. "It's something which seriously needs to be addressed."
Do you think the banks are open for business at the moment? "No chance . . . My whole strategy with my business has been: nobody owes me one single penny, and I don't owe anybody else one single penny. We've never gone outside of our means and have built the business week by week with what we have.
“There’s so much risk involved [if the business fails].”
What's the biggest mistake you've made in business? Mannering says that tendering for larger jobs has been a costly mistake on several occasions. He tendered for the on-street bicycle hire scheme in Dublin, and the process cost him €4,500 and six weeks of work. He had to hire consultants, accountants and solicitors and ultimately did not win the contract.
Who do you admire in business and why? "That's simple: Peter Casey, my dragon," Mannering says, adding that Casey is honest, straight-talking and has become a good friend. "He has gone bankrupt twice and has come back a third time.
“If I have anything at all I’m worried about, I just ring Peter and talk about it. After being a multimillionaire twice and losing it all twice, he knows what not to do. He’ll talk to me day or night.”
What was the best piece of business advice you've ever received? "I was taught [this] very early on by an old scout master. He said if you want to start a business, the equation is quite easy. Find something nobody else is doing and become the best at it."
How do you see the short-term future for your business? "I feel like we've only just started. I feel as energetic about this now as I did 12 years ago," Mannering said. Training has become a big part of the business. He teaches bike maintenance three nights a week at the Limerick College of Further Education and is in the process of building a training centre.
What's your business worth and would you sell it? "At the time of his Dragons' Den appearance last year, the business was worth €790,000. Would I sell it? Not a chance. You ain't seen nothing yet with this company." In conversation with Erin McGuire
