An open, honest business
Jake's Bikes financial accounts and charity support
We are happy to make our annual accounts public because we believe it's important to be transparent and accountable so you can see where your money goes.
Jake's Bikes Accounts 2009/10 (PDF document - 75 KB)
Jake's Bikes Accounts 2010/11 (PDF document - 78 KB)
Jake's Bikes Limited Accounts 2011/12 (PDF document - 111 KB)
Because we're not trying to just make money, we can also be honest and impartial about your bike repairs: we always do an assessment first, and sometimes we advise customers not to have any work done on their bike if it's not worthwhile for them. When we do advise you to pay for something, you can be sure it's because we really think it's the best option, and not because we're trying to turn a quick profit. Indeed, we have pledged that if we make a net surplus, it will be reinvested in the business or donated to environmental or cycling charities who share our ethos.
Structure and Ownership
Jake Voelcker started Jake's Bikes in early 2008 with £2,000 of personal savings from his previous job as a freelance web designer. Over the next 18 to 24 months, almost every penny earned was reinvested in new stock and tools, at a total cost of approx £20,000. During this time Jake lived (very frugally!) on personal savings, and then claimed Working Tax Credits for some months. No bank loans, grants, or external private finance has ever been used, so Jake's Bikes is and can remain entirely independent and true to its original aims.
In June 2009 Pete Harding joined Jake, and an informal co-ownership arrangement was set up whereby Pete earned shares in the business in addition to wages. Yael Ben-Gigi, who joined the team in early 2011, also took part in this unofficial shares scheme. In February 2011 we moved to our new location and Jake invested another £9,000 in stock, shop fittings and equipment. At present (May 2013), Pete, Yael, Colin and Jake are each paid £8.50 per hour, and any money left over is reinvested in stock or tools.
Legally, Jake's Bikes is simply a limited company owned wholly by Jake Voelcker. Currently Jake's Bikes is too small to be worth registering as a cooperative, and for now Jake is reluctant to do so because the business has only just started to be able to repay his personal investment of approximately £30,000. In the future we may look again at formalising some kind of employee share scheme, perhaps even one day becoming a worker-owned company or a cooperative. For now we remain an ethical enterprise aimed at doing good stuff rather than making bags of money.