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 £1.5m 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, said: “Apkit’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.”
