Hot wheels: the passion behind bike company Madison
November 9, 2013 Leave a comment
Hot wheels: the passion behind bike company Madison
In the second of a year-long series identifying the most innovative businesses in Britain today, Abigail Townsend meets Madison chief executive Dominic Langan.
Team spirit: Dominic Langan with Madison Genesis riders Photo: Gemma Day
10:56AM BST 07 Jun 2013
Dominic Langan likes to do things a bit differently. In 2009, the 45-year-old chief executive of specialist sports distributor Madison agreed to buy mountain bike brand Saracen. Once hugely successful, Saracen’s reputation had suffered as it became more mainstream and less reliable. Langan decided there was only one option: start a bike team, compete at the highest level and prove how, under Madison, Saracen was again desirable. It was a bold move. “Four years ago, everyone would have laughed,” says Langan. “We knew we had a job to do.”Putting something back: Dominic Langan
The Saracen Madison Downhill team is now well established with numerous wins under its belt.
It’s a strategy appropriate to business start-ups. “Only do what you love and are passionate about,” he says. “Understand your market and what makes your customer tick.”
Now Langan’s doing it again, in the highly competitive professional road racing world. Langan has built his team around Genesis, a Madison brand that makes high quality steel-frame bikes.
The current trend is for carbon-frame but, as Langan argues, “You have to differentiate yourself… there’s growth in steel: they are more durable and more comfortable.”
As with the downhill team, Madison Genesis uses up-and-coming riders – a canny move that has endeared Madison to retailers. “It’s gone down well as we are putting something back.”
Langan joined Madison in 1989, taking a job he thought he’d have for six months, only to “stay for life and love it.”
Since taking over as chief executive in 2005, his tendency to take the least worn path has paid off: annual turnover has risen from £28m and is on track to hit £120m this year.
He has even taken up cycling. Most Sundays, he spends a couple of hours riding the roads around the family home in Rickmansworth, and once a year he, his wife and two boys, aged 13 and 10, cycle in the Scottish Highlands.
“There’s something special about a cyclist,” laughs Langan.
“They love the freedom, the excitement – and there’s something quite addictive about that.”
Factfile
Company Madison
Established 1977
Turnover £103m in 2012
Number of staff 260
Website madison.co.uk
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