A Gloucester business which sells its iconic 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.
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.
James Shepherd, head of corporate banking South West, HSBC UK, comments: “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 Rees, CEO at Ruroc, adds: “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.
“We’ve been incredibly impressed with the bank’s joined up approach, led by our relationship director, Henry Moore, who’s worked hard to get under the skin of the business and put a facility in place that will help us expand our product range and expand into new and existing markets.”