Sports and leisurewear manufacturer Proskins secures £250,000 from MEIF Maven Debt Finance

December 21, 2018 2:10 pm

Proskins staff and funders - image

 

Maven Capital Partners has provided Proskins Limited with a £250,000 funding package from the Midlands Engine Investment Fund (MEIF).  Furthermore, the European Regional Development Fund supports the MEIF.  Proskins manufacture sports and fitness apparel in Mansfield Woodhouse.  They will use this funding to support their overseas expansion and the creation of 10 new jobs.

Global and local

The firm will use this investment to implement an ambitious marketing strategy, capitalising on growing demand for its products globally.  Most notably, to help build the firm’s presence in Germany and the US.  At the same time, the company will create 10 new jobs in Mansfield Woodhouse.

After seeing a significant increase in overseas demand for its products, Proskins is now working with a number of TV shopping channels.  This will help expand its market reach to countries such as Germany, Italy and the US.

More about Proskins

Proskins designs and manufactures high performance leisurewear, including a wide range of men’s and women’s clothing which uses ‘compression technology’ to address poor blood-flow and fluid retention.  The company has also developed a range of cosmetic products aimed at the beauty market.

An experienced senior management team own and manage the firm, including brothers Neil and Charlie French who established the business in 2005.  Managing Director, Neil French, was previously Finance and Operations Director of Guilford Performance Textiles.  While Chairman, Clive Fenton, was co-founder of I3it, a successful Programme and Service Management company purchased by BT. Former England rugby union and rugby league international, Jason Robinson, became a shareholder and joined the Proskins board in 2012.  Jason supports the company’s product development and marketing strategy.

Growing together

Proskins

Neil French is Managing Director at Proskins.  He said: “We are delighted to have the backing and support of MEIF and Maven.  Having seen a steady increase in demand for our products from direct sales and overseas customers, we’ve changed our business model and investment infrastructure to reflect this.  And these changes will also  support further growth in these areas.  We’ve now set the foundations in place and are excited to take the next step towards fulfilling this strategy and expand our team.”

Maven Capital Partners

Jonathan Lowe is Investment Director at Maven.  He added: “Proskins is a well-established business, producing high quality branded products based on innovative technical textiles, with a growing profile.  The company is well placed to further expand its presence internationally.  And we are therefore delighted to provide them with the debt funding required to take their business to the next level.”

British Business Bank

Grant Peggie is Director at the British Business Bank.  He said: “By investing in its marketing, Proskins is positioning itself well for further expansion – both domestically and internationally.  This deal also demonstrates that you can use Midlands Engine Investment Fund finance in a wide range of ways finance in order to support business growth.  We would encourage other small businesses looking to grow to contact the MEIF fund managers.”

D2N2 Local Enterprise Partnership

Lindsay Wetton is Senior Programme Manager for Business Engagement at the D2N2 Local Enterprise Partnership.  She commented “It’s great news for one of our high tech businesses to receive this investment.  It is testament to the drive and ambition of the owners who will be creating new jobs.

“We have a growing number of ambitious businesses in D2N2 and we have a wide range of support to offer.  This includes our new D2N2 Scale Up Programme that assists with Leadership and Management, routes to market and of course access to finance.  Of course, on this occasion, that finance element has been supported through the MEIF.”

Further information

The European Union supports the MEIF project financially through the European Regional Development Fund (ERDF), as part of the European Structural and Investment Funds Growth Programme 2014-2020, and The European Investment Bank.  The Fund provides debt and equity finance from £25,000 up to £2m for growing small businesses across the Midlands.

In fact, on 7 February, there is a FREE event at Mansfield I-centre running between 9am and 12:30pm.  This will not only provide further detail on the funding available but there will also be one-to-one slots for individual discussions.  Of course, you need to pre-book these.  Find out more and secure your place.

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