Funbikes speeds ahead with HSBC funding…
Leicestershire-based Funbikes, the UK’s biggest dealership in children’s leisure and competition petrol & electric vehicles, including go karts, quad bikes and scooters, has driven growth and achieved greater efficiency with a £500,000 Import Loan facility from HSBC to purchase extra stock.
The funding from HSBC provided Funbikes with the working capital it needed to import an extra £1.5m worth of bikes and accessories, which has been crucial to the company’s future growth.
Funbikes has also been able to invest in bespoke business management software, helping to improve its cash flow and streamline its order processes. The additional stock capacity and improved efficiency has helped the company increase turnover by more than 50 per cent and almost double its profits in the past year.
In order to manage its growing customer base, Funbikes has recruited new customer service and technical support staff, creating 10 new jobs in the local community. Plans are also in place to build a new showroom in Oxford and develop two in-store concessions in Brighton and Norwich in 2016, where Funbikes products, such as pit bikes, quad bikes, buggies and scooters, will be sold within garden centres and high street retailers.
Richard Bester, Funbikes Business Manager, said: “This funding package has allowed us to import additional stock, support significant growth and create 10 new jobs in the local community. HSBC’s international expertise has helped put us on track to grow further and expand our business.”
Paul Smith, Area Director Nottinghamshire and Derbyshire Business Banking, said: “Funbikes is a strong business with plans to invest for further growth. As an international bank with deep connections to businesses across the UK, we are confident in our ability to help Funbikes achieve its future growth plans.”
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