£12m outdoor equipment business set to scale new heights
Nottinghamshire-based outdoor clothing and equipment supplier Alpkit is set to relocate a major part of its operation from China to the UK after bagging £1.5m from the Midlands Engine Investment Fund (MEIF).
The Newthorpe company will bring its bike frame painting function onto home soil and create 16 new jobs as a result of the funding, which was provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
The certified B Corp manufactures a range of specialist outdoor apparel, equipment and bicycles specifically designed for challenging environments.
Alpkit says it will also use the cash to purchase more seasonal stock and fund product development in its footwear and e-bike lines.
Alpkit CEO David Hanney 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, said: “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.”
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.”