British cycling apparel producer Le Col Holdings Ltd. received an about £2.4 million investment from Puma Private Equity, a unit of Puma Investments.

The said investment, which can still grow to £3.5 million, will be used to expand the sports retailer's market reach and to advance its growth.

Puma Private Equity Managing Director Tommy O'Sullivan will join Le Col as a board member.

Puma Investments, which provides growth investment in U.K.-based small and medium-sized enterprises, is the private equity and venture capital arm of asset manager Shore Capital Group Ltd.