Local Business achieves the Queen’s Award for Enterprise
The Source (Hastings) Ltd – a company specialising in the retailing of BMX bikes, parts and accessories – has been awarded The Queen’s Award for Enterprise 2018 in the International Trade category, on the back of soaring international e-commerce sales.
Established in 2003 by brothers Richard and Marc Moore, lifelong BMX riders, the company has grown from a single tiny retail store into the largest BMX retailer in the world with over £1m of international sales in 2016/17.
The company converted derelict under Hastings seafront to open the world’s largest underground skatepark in 2016. Working closely with Hastings Borough Council and other partners, the company has made the building host location for one of the world’s biggest and most prestigious BMX events, the Battle of Hastings. The event brings some extra diversity to the local community and helpful traffic to the Source website, which now makes up over 90% of company turnover.
The Source employs 38 full time equivalent staff and ships to 80 countries daily, from their warehouse in Hastings. Export sales are by far the fastest growing part of their business and the company is active in sponsoring riders and events around the World.
The Business is the subject of a film, The Source Park Documentary, that was released on Amazon Prime in January 2018.
Richard Moore said “It is a huge honour to receive this award. It is the most prestigious Business Award in the country and very gratifying to be recognised by the Queen. It is a great reflection of all of the hard work from our team in growing the business over the past 15 years and we intend to go from strength to strength.”
Marc Moore said “All of staff should be really proud of this award. It amazes us every day what a small team working in the same direction can achieve.”
Hastings Borough Council spokesperson Kevin Boorman added “This is brilliant for The Source, and brilliant for Hastings…All credit must go to Rich and Marc, who have built up this amazing business from literally, their own bedroom…We like to change people’s perceptions of Hastings, and stories like this really help: an own grown local business creating around 40 jobs and £1m+ of new export business is a great story indeed, in every respect.”
The brothers will go to Buckingham Palace this Summer to receive the award and will hold it for five years.
• Have a look at the winning company’s website
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