Funding helps firm diversify and continue trading
Romiro Group was established in 2016 and is headquartered in Shafton.
It is an overarching company comprising several businesses, chaired by Sir Rodney Walker and covering varied sectors across the UK and global markets, with the conduit of technology and sport throughout the Group.
Following the COVID-19 outbreak, the work wear company has continued to trade through its strong association with Asda and City Facilities Management, helping to supply PPE and logistics to operations throughout the UK.
Sir Rodney Walker, chairman of the Group, said: “The recent impact of COVID-19 has been challenging for the group and the assistance from Barclays in supplying financial support has been more than significant.
“It has not only allowed the company to work through these challenging and unique times, but has also given the Group the cash and time to begin to plan for a very different world in the aftermath of the current economic downturn.
“Whilst we had seen a downturn in the Group’s sporting companies, it is now clear with the diversification into producing PPE that we have the ability to be agile in producing equipment and clothing to supply changes in demand.”
Mike Hegarty, chief executive officer for the Romiro Group, said: “This funding provides the flexibility for us to embark on a new business model and adjust our business plan to reflect the changes we will see post COVID-19.”
Keith Waddington, Barclays relationship manager, put together the funding package for the deal.
He said: “I have known and worked with Sir Rodney for over ten years now, so it was a pleasure to be able to support the Group.
“The new funds will enable the business to invest in more stock to fulfil the many new orders they have and continue to cover their fixed costs through these challenging times.”
