Retailer Alpkit gets further growth funding
UK outdoor clothing and equipment company Alpkit has secured £1.5 million in funding to improve seasonal stock purchase and product development in footwear and e-bike lines.
It also said the new funding, from the Midlands Engine Investment Fund (MEIF), enables the UK firm to take over its bike frame painting function from China while helping create 16 new jobs.
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”.
CEO David Hanney said: “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.”
He added that “Alpkit’s community focus and sustainability credentials reflect its culture and resonate with its customer base. It is well-positioned to take advantage of a booming outdoor market across camping, hiking, climbing, trail running, outdoor swimming and cycling and is estimated to be worth over £7.5 billion in the UK alone.”
Last year the business received £2.7 million in funding to support its domestic and international omnichannel growth.
The financial package from HSBC UK was to be used to develop a new footwear range and increase product to meet growing demand across cycling, outdoor swimming and technical outdoor clothing.
It said at the time that demand was increasing internationally, including markets across Europe and the US.
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