The group behind the Rab and Lowe Alpine outdoor clothing brands is planning to expand its global reach thanks to several million pounds of support from the HSBC.
Derbyshire-based Equip Outdoor Technologies UK owns the two brands which supply everything from wet weather wear to climbing gear, backpacks, boots and sleeping bags.
The financial support will allow the Alfreton business to repay investors, including long-term partner Gresham House Ventures which has supported extensive investment in its products, people and premises.
It also sees HSBC UK take on full banking services for Equip, marking the next stage in a seven-year relationship.
Equip owner and chief executive Matt Gowar’s company bought the Rab brand in 2003 and Lowe Alpine in 2011, with the aim of building sustainable growth.
Latest accounts showed sales of £89 million in the year to January 31 2022, up from £56 million the year before, with pre-tax profits of £17.65 million, which was up from £5.3 million a year earlier. That strong growth was partly helped by strong trading following the pandemic.
This year has seen turnover continue to increase and expansion in new and established markets is expected to lead to further significant growth, with ambitious forecasts in place for the next five years.
Matt Gowar said: “This funding will create opportunities for the continued growth of our business and further innovation to develop ever more sustainable and technical products for our customers.
“Working with HSBC UK means we can leverage the bank’s global footprint and the international coverage we need.”
HSBC UK relationship director Graham Brown said: “It’s great to see Equip move to HSBC as they embark upon this exciting period of growth, with their market-leading outdoor clothing and equipment continuing to lead the way across the globe.
“We feel their aspirations for international growth fit perfectly with HSBC UK and we are delighted to be supporting Matt and all the Equip team.
“Equip is also at the forefront of the ESG [environmental, social and governance] agenda being one of the first outdoor companies to be certified as climate neutral.
“They have achieved Fair Wear Leader status and aim to be Net Zero by 2030 with the majority of their global premises already 100 per cent powered by renewable energy.”
