Plastic trombone maker Warwick Group hits right note with funder
COVENTRY-based Warwick Music, the company behind the world’s first ever plastic trombone, has secured £200,000 of working capital from HSBC Commercial Bank.
The pBone was developed by enterprising Warwickshire musician Hugh Rashleigh and is now manufactured by Warwick Music having been launched in September 2010 following several years of research.
After securing worldwide distribution through Steinway & Sons’ wind and brass instrument division, Conn-Selmer, in 2011, the company has kept up with growing demand and now has a confirmed order book from Steinway in excess of $1m.
pBone has taken the music world by storm since its release offering fun, lightweight and affordable access to music tuition for all ages. It was awarded best in show at the prestigious NAMM Exhibition in Anaheim, California earlier in the year, beating products from across the industry.
The company has taken out an invoice finance facility with HSBC in a deal led by HSBC invoice finance business development manager Anthony Priestnall.
Steven Greenall, Warwick’s chairman, said: “HSBC has come up with an innovative solution to provide us the finance that allows our team to focus on driving the business forward.”
Priestnall added: “It was apparent from my first meeting that the business was itself unique and we recognised both the quality of the product and the drive of the management team.
“We were very pleased to be given the opportunity to build our relationship and together, through open and honest dialogue, devised a suitable funding solution for their international trade.”
Greenall combines his responsibilities at Warwick Music alongside his role as investment director for venture capital fund manager Midven.
