Gloucester business secures £6.7 million finance facility to grow
A Gloucester business which sells its snow sports and motorcycle helmets to customers across the world has secured a £6.7 million finance facility from HSBC UK and BGF to expand its growing product range.
This follows an investment of £3 million in the company in 2018 by BGF.
Ruroc, which created the world’s first full face snow sports helmet in 2011, is using the funding to launch a number of new products to support its 2020-21 performance targets, including two new motorcycle helmets and a new ski helmet, and to capitalise on market demand following an impressive year of growth.
The new products follow the successful launch of Ruroc’s Atlas motorcycle helmet in February 2019, which has been worn by celebrities including Tom Hardy and Ryan Reynolds.
The multi-million-pound finance facility, made up of £2.5m HSBC UK funding and £4.2m follow-on funding from equity partner BGF, will also be used to create 50 new jobs for the Gloucester economy in the next six to 12 months. Six new jobs have already been created at the business since lockdown measures were announced.
James Shepherd, head of corporate banking South West, HSBC UK, said:“Since we started working with Ruroc again in autumn 2019, we’ve seen the business go from strength-to-strength, despite current economic uncertainty. The company’s solid financial history and growing revenues have put it in a very strong position to meet rising demand and launch new products into new markets at the same time. HSBC UK is proud to be supporting the business as it continues to grow.”
Dan Tapson, BGF, said:“The launch of the Atlas motorcycle helmet has been a huge success, driven by an effective and well-executed marketing campaign. Ruroc has experienced record levels of growth over the past year by continuing to build an international community of customers and bringing innovative products to market. We’re pleased to be providing this follow-on funding to help drive further expansion.”
Dan Rees, CEO at Ruroc, added: “I first worked with HSBC UK when we underwent a management buyout in 2015 and it’s great to work with them again now, alongside the continued support of BGF. The business has grown exponentially in recent years and with support from both HSBC UK and BGF, we’re now well on our way to realising our ambitious targets of doubling the company’s revenue in the next 12 months.”
The family-run business, which was acquired in 2015, employs 60 people at its Barnwood headquarters, most of whom have been retained to meet demand for its growing product range. As well as its core team in the South West, Ruroc uses distributors in Russia, Romania, South Korea, China and Lebanon to serve the 90+ countries it sells to.
This month, Ruroc will also welcome former GymShark chief marketing officer, Richard Chapple to the business as its new chief commercial officer.
