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HomeNEWSINTERNATIONALSKI AND BIKE HELMET FIRM SECURES MAJOR BACKING

SKI AND BIKE HELMET FIRM SECURES MAJOR BACKING

A Gloucester business that designs and sells its ski and motorcycle helmets in 90 countries has secured a multimillion finance facility from HSBC UK and BGF to launch its new product range and hire 50 staff.

Ruroc, who’s product has been worn by celebrities including Tom Hardy and Ryan Reynolds, is capitalising on market demand after enjoying growth in 2019 according to a report by Insider Media.

Among the new products lined up are two motorcycle helmets and a ski helmet.

The multimillion-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 jobs.

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.” 

BGF’s Dan Tapson added: “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, chief executive at Ruroc, said: “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.”

He added: “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.”

This month (May 2020), Ruroc will welcome former GymShark chief marketing officer, Richard Chapple to the business as its new chief commercial officer.

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