A Nottinghamshire based outdoor clothing and equipment company has secured funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
The £1.5million investment from the MEIF will help create 16 new roles, fund seasonal stock purchase, product development in footwear and e-bike lines and enable the UK to take over the bike frame painting function from China.
Alpkit designs, manufactures and sells a range of specialist outdoor apparel, equipment and bicycles suitable for challenging environments and extreme activities at a significantly lower price point than large, high-end competitors.
The company is also a certified B Corp, committed to the highest standards of social and environmental impact. The company’s registered charity, Alpkit Foundation, supports sustainability focused community projects.
David Hanney, Alpkit CEO, said: “With a buoyant outdoor market and strong brand positioning we have built a business with £12m+ turnover that has great potential for further growth. With challenging exchange markets and supply chain issues dominating trading conditions for many businesses in recent months, we are delighted to receive this MEIF funding, which gives us the ability to expand our employee base and seize the opportunities available to us.”
Chris Bailey, Investment Manager at The FSE Group, commented: “Alpkit’s knowledgeable and experienced management team has established a strong revenue stream that is capable of further acceleration, thanks to a viable expansion strategy that includes increasing physical stores in the UK as well as their international online presence. Alpkit’s growth momentum has remained resilient, despite wider economic factors impacting businesses currently, and we are happy to be supporting them on their growth journey.”
Alpkit’s community focus and sustainability credentials reflect its culture and resonate with its customer base. It is well-positioned to take advantage of a booming outdoor market across camping, hiking, climbing, trail running, outdoor swimming and cycling and is estimated to be worth over £7.5bn in the UK alone.
Mark Wilcockson, Senior Investment Manager at British Business Bank added: “The MEIF aims to finance innovative, sustainable and high growth oriented Midlands businesses that create a positive economic impact in the region. Alpkit’s success is a very good example of that, and showcases the benefits that SMEs in the Midlands have and can aim to achieve with MEIF funding.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region.