Alpkit, the designer and retailer of outdoor clothing and equipment has secured £1,732,000 in funding to support its next stage of growth.
The company, based in Newthorpe, Nottingham, gained £1m from the Foresight Nottingham Fund, and a further £732,000 from HSBC UK.
The fast-growing company has big plans to grow both in the UK and globally, reaching a wider customer base and creating 40 new jobs over the next three years. Alpkit currently employs 62 people having already created 50 jobs over the last four years.
David Hanney, CEO at Alpkit, said: “We are really pleased to secure this funding to help achieve our growth ambitions. It means we can continue developing our business and create more jobs in the region. We plan to open more stores, increase our manufacturing from our Nottingham HQ and boost our e-commerce, reaching more international customers. The funding will also increase out import capabilities by up to 30 per cent a year, meaning we can raise our stock levels and fulfil an increase in our customer base. It’s great news for us and the region.”
Dave Welch, HSBC UK’s Area Director for Business Banking in the East Midlands, said: “HSBC UK is committed to helping businesses in Nottinghamshire and beyond to realise their ambitions. Alpkit is ready to take the next step; its unparalleled offering to consumers has been the catalyst to its recent success and HSBC UK wanted to support the business through this exciting journey.”
Ben Dawson, Senior Investment Manager, Foresight, added: “Alpkit is a fast-growing and high-profile Nottingham-based business with a strong management team that has good sector experience. We look forward to working with David and the team to continue Alpkit’s successful growth.”
Don Gray, Partner at BHP Corporate Finance and adviser to Alpkit throughout the funding process, said: “We are delighted to have worked with Alpkit on this exciting phase in its growth plan. With the support of new funding partners, Alpkit is now ideally placed to bring its unique brand and passion for all things outdoors to new customers across the UK and beyond. We wish the team every success and look forward to continuing to work with them on the next stage of their journey.”
Alpkit’s two flagship stores are ideally located in Ambleside in the Lakes and Hathersage in the Peak District. It currently has a customer base of a quarter of a million in the UK and abroad and handles over 2,000 orders a week through its stores and online retailing.
Alpkit was founded in 2004 by a group of friends who loved outdoor adventure. David Hanney joined the business as CEO in 2014 and the business has grown ten-fold under his management. The company has recently started manufacturing some of its products in Newthorpe with a focus on technical performance, providing customers with “gear that costs less, but works harder”. Alpkit also owns the bike brand Sonder.