Cyclescheme bought by Grass Roots Group

Cyclescheme. the administrators of tax-efficient cycle-to-work programmes, has been purchased by the Grass Roots Group.

The agreement, which was concluded on 18 March, will in no way affect Cycleschemes current network of cycle-to-work plans and arrangements. However, all of the Grass Roots Group’s proposed schemes will now go through the Cyclescheme network.

Richard Grigsby, one of Cycleschemes’ founder, commented: “Gary [Cooper, another founder] and I felt the time was right to become part of a larger business, providing we could find one which shared a similar ethos.

“We have known Grass Roots since our conception and they know us, and our marketplace, very well. We feel very comfortable with our decision to join them and hugely optimistic for the future of our business.”

Grass Roots Group managing director Andy Lister and head of employee benefits Paul Bartlett will join the Cyclescheme board.

Read more articles on tax and legislation.