HSBC UK provides £2.75m funding package to Edinburgh-based 2Pure
Edinburgh-based active lifestyle distribution business 2Pure has secured a £2.75 million refinancing package from HSBC UK.
The funding will be used to help 2Pure consolidate growth and supply new distribution channels.
2Pure employs 35 people and distributes branded active lifestyle products in the running, cycling and outdoor sectors. It plans to use the bank’s funding for ongoing investment in the business by entering new retail channels, to grow internationally and for developing brand-specific digital platforms to communicate directly with the end consumer.
The deal is split between invoice financing and structured trade lines, as well as other transactional facilities, and will also be used to help the business safeguard against both a volatile retail market and the uncertainty of the Brexit outcome on 31st January 2020.
George Bowie, managing director, 2Pure, said: “The current consumer retail and political environments are more volatile now than ever and HSBC UK’s financial support means we can take our time to plan strategically, consolidate our recent growth and make considered plans for 2020 and beyond.
“We have ambitious plans to grow the business internationally and through new, retail channels, as well as offer the option of selling directly to consumers. We were impressed with HSBC UK’s expertise and the tools they could provide as a funder.”
Kenny White, relationship director at HSBC UK, added: “George has built a robust and successful business and we’re pleased to be able to help him get his business into the strongest possible position to ensure it negotiates the challenges that Brexit and other retail trends pose. George has exciting plans and we look forward to following 2Pure’s progress in the months and years to come.”
The finance was allocated from HSBC UK’s national SME Fund, which aims to actively help UK businesses realise their ambitions for growth and navigate Brexit. The new £14 billion SME Fund has recently been announced by HSBC UK, with £650m committed to supporting SMEs in Scotland.