This book is the first comprehensive history of the development of the British bicycle industry from the perspective of business and economic history. Focusing on themes such as entrepreneurship, personal capitalism, and organisational, technological and cultural change, the shifting fortunes of the industry are traced through the business history of one of its leading firms, Raleigh. The history of the company is then set within the context of more general trends in the industry’s evolution over three chronological periods: 1870 to 1914, 1914 to 1939, and 1939 to 1960. In addition to the story of Raleigh, the business activities of other leading bicycle firms such as Rudge-Whitworth, Hercules, BSA, J. A. Phillips and BCC, the bicycle division of Tube Investments, are examined to inform our understanding of the business evolution of the industry. The book demonstrates that the British bicycle industry was both tenacious and dynamic, typified by the personal leadership of entrepreneurs such as Frank and Harold Bowden at Raleigh.