Team Magnus secures £150,000 CBILS loan from HSBC UK
Team Magnus, a Scottish junior sports and adventure goods firm with operations globally, has secured a £175,000 Coronavirus Business Interruption Loan (CBILS) from HSBC UK to meet the exceptional demand for its products, and to safeguard several jobs.
The firm, which is based in Auchterarder and operates internationally in the US, Japan and throughout Europe, designs and manufactures entry-level equipment aimed at pre-teens for outdoor activities, including water and snow sports. It has seen its cash flow impacted by the slowdown in international shipping and logistics in the past 12 months.
Team Magnus trebled its turnover year on year from £1.6 million to £3.6m to end February 2021 but required the support to continue to meet growing international customer demand.
The CBILS loan from HSBC UK has also allowed Team Magnus to retain its six staff throughout the pandemic.
Kristine Moody, managing director at Team Magnus, said: “HSBC UK understood our situation well and recognised that we were experiencing exceptional demand at a time of huge logistical challenges globally. Our longstanding relationship with our relationship manager at HSBC UK, Grant Donald, has been at the centre of our expansion.
“We simply wouldn’t have been able to meet demand in the US if HSBC UK hadn’t allowed us to commit to sufficient production through our CBILS loan. HSBC UK were able to put themselves in our shoes, and 2021 has started exceptionally well for us, again partly in thanks to a new overdraft facility.”
Grant Donald, relationship manager at HSBC UK, added: “Team Magnus saw an incredible level of demand for its unique product range but were struggling with the impact the pandemic was having on logistics and cash flow. We’re pleased to be able to support the business to help it continue to meet demand through this challenging time.”