Mansfield-based Proskins Limited, which manufactures sports and fitness apparel, has secured a £250,000 funding package from the Midlands Engine Investment Fund (MEIF).
The investment will be used to implement a marketing strategy to help build the firm’s presence in Germany and the US, whilst creating 10 new jobs in North Nottinghamshire.
Proskins designs and manufactures leisurewear 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.
After seeing a significant increase in overseas demand for its products, Proskins is now working with a number of TV shopping channels, which will help expand its market reach to countries such as Germany, Italy and the US.
The firm is owned and managed by an experienced senior management team, including brothers Neil and Charlie French who established the business in 2005.
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.
Neil French, managing director at Proskins 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 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.”
Jonathan Lowe, investment director at Maven, said: “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 delighted to provide them with the debt funding required to take their business to the next level.”
Grant Peggie, director at the British Business Bank, said: “By investing in its marketing, Proskins is positioning itself well for further expansion domestically and internationally. This deal also demonstrates the wide range of ways finance from Midlands Engine Investment Fund can be applied to support business growth. We would encourage other small businesses looking to grow to contact the MEIF fund managers.”
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