A UK clothing company has borrowed £25mn to assist with international trade.
Regatta, a Manchester-based outdoor clothing manufacturer, has refinanced a combined revolving credit and trade finance facility from Lloyds and HSBC, with both banks contributing £12.5mn each.
The company will use the finance to support operations in its 55 exports destinations. Currently, Regatta has sales offices in France, Belgium, Ireland, Germany, Holland, Poland, Italy, Finland, and the Czech Republic. It has manufacturing presence in Bangladesh and China.
Group finance director David Holt says: “We have an ambitious growth plan for both our domestic and export business and the support of HSBC and Lloyds to facilitate this is invaluable. Despite tough trading conditions, Regatta continues to perform well and we expect to maintain steady growth across our key markets.”
Regatta currently makes exports worth £45mn a year, a significant portion of the total turnover of £122mn that’s forecast for 2013. It has been described by Steve Sherratt, senior corporate banking manager at HSBC, as “a North West success story”.
Paul Stanley, regional relationship director for Lloyds, says: “We’ve worked with the team at Regatta for the past eight years, supporting their on-going expansion growth both domestically and in its growing export markets. The business is establishing itself as a leading international outdoor brand, and this latest agreement underlines our commitment to them moving forwards.”