Scottish adventure tourism business Ice Factor Group is aiming to expand following a deal with HSBC worth £523,000.
The funding has financed a management buy-out which will enable the business to embrace market growth and attract more customers.
Ice Factor Group, which includes Snow Factor Braehead and Ice Factor Kinlochleven, confirmed in April 2017 that it will operate a new £30m snow-dome as part of a regeneration project in Middlesbrough.
Jamie Smith, owner of Ice Factor Group, commented: “I passionately believe in the potential for future growth of Ice Factor Group and I’m delighted to have re-acquired 100% of the shares of Ice Factor Group. This will allow my team and me to continue to serve our customers with the best snow and ice experiences in the world.
“The business has delivered consistent growth and profitability, and allied with a stable and high performing management team, I am confident the buy-out represents the best approach to continue the successful growth of the Group
“The buy-out frees up a significant amount of time for the senior management team and resources that can quickly be reinvested back into further improving the quality of the snow sports experience for our customers across both sites.”
Susan Rowand, HSBC head of business banking in Scotland, added: “We are committed to supporting Scottish businesses like Ice Factor Group to achieve their growth potential and make their ambitions a reality. We are proud to play our part in helping Jamie Smith with a management buy-out and look forward to seeing the business continue to grow.”
Ice Factor Group was launched in 2001 by Jamie Smith, an entrepreneur and keen mountaineer. The Group has grown 783% since 2003, from annual revenues of £484,000 to £4.2m.