BIKE hire firm Beryl is set to open a new factory in Poole, creating around 20 jobs and expanding its capacity by thousands per year.

The company received £2million from investment company Frontier Development Capital to open the manufacturing hub at Wessex Trade Centre, Newtown.

Beryl is the only "micro-mobility" company that designs and builds its own technology.

The funding will also allow the business to develop its e-scooter technology and new e-bike models, including its connected technology, which provides Beryl with the real-time status of the rider and vehicle, using onboard sensors.

Beryl provides vehicle hire schemes across the country, including Bournemouth, Greater Manchester and the Isle of Wight.

Philip Ellis, chief executive and founder of Beryl, said: “This investment is crucial in helping Beryl build upon the success we have already had in encouraging more people to take up sustainable travel options, reducing harmful carbon emissions and traffic congestion while improving air quality and public health.

"As more electric-powered bikes and scooters launch, we find that off-the-shelf products do not meet the standards that both we and our customers expect.

"That is why it’s crucial that we meet the challenge of the constantly evolving micro-mobility sector, by developing and producing the next generation of electric vehicles such as our new e-bike.

"We’re already recognised for meeting exceptional standards of social and environmental performance, accountability, and transparency, and the investment will also allow us to take this to the next level by boosting our UK manufacturing capacity and contributing to UK industry.”

Andy Green, investment manager at Frontier Development Capital, said: “Beryl is a true UK success story and a business with a clear mission. The team has continued to adapt, growing from an accessories brand to a leading manufacturer and tech firm that’s meeting a real demand for sustainable travel across the country.

"We look forward to seeing the Beryl team apply the funding to R&D of its products and manufacturing capabilities over the coming years.”

The money comes from Frontier Development Capital's Advanced Manufacturing Supply Chain Initiative Recycled Fund.