Regatta agrees new funding to boost growth

FAMILY-owned outdoor clothing business Regatta has agreed a £25m funding facility with two banks, which it says will allow it to continue to grow  international sales.

The Trafford Park-based company, which is expected to turn over £122m this year, has agreed a combined revolving credit and trade finance facility, with HSBC and Lloyds Bank.

Regatta, which employs 450 people across its headquarters in Trafford Park and distribution centre in Ellesmere Port, will use the facility to support its international business.

It already exports into 55 countries and was awarded the Queens Award for International Trade for the second year in a row in April. Regatta exports goods worth more than £45m overseas and has sales offices in France, Belgium, Ireland, Germany, Holland, Spain, Poland, Italy, Finland, the Czech Republic and Israel.

It also operates offices in China and Bangladesh to work closely with suppliers and the Ethical Trading Initiative to ensure its products are manufactured in safe factories.

Group finance director David Holt said: “We have an ambitious growth plan for both our domestic and export business and the support of HSBC and Lloyds to facilitate this is invaluable. Despite tough trading conditions, Regatta continues to perform well and we expect to maintain steady growth across our key markets.”

Steve Sherratt, HSBC senior corporate banking manager, said: “Regatta is a North West success story which has seen both its exports and UK business grow over the past few years, despite tough trading conditions. HSBC is thrilled to deliver this new finance facility, which gives the company the financial headroom to continue on its growth plans.”

Paul Stanley, relationship director at  Lloyds Bank Commercial Banking in the region, added: “We’ve worked with the team at Regatta for the past eight years, supporting their on-going expansion growth both domestically and in its growing export markets.

“The business is establishing itself as a leading international outdoor brand, and this latest agreement underlines our commitment to them.”