£2m support package
Bank backs fitness provider’s overseas plans
Origin Fitness, a provider of specialist fitness equipment, has secured a £2 million finance package from HSBC to support plans to expand overseas.
Established in Edinburgh in 2008 by Paul Bodger and Joshua Bicknell, the business has experienced substantial growth through market diversification, development of own-brand products and acquisitions, having acquired Cardinal Sports in 2011.
Over the last year, Origin Fitness has focused on increasing its exports to Europe, which has led to relationships with key agents and distributors in over a dozen countries including Bulgaria, Greece, Poland and Sweden.
It is now targeting further growth in Europe and aims to enter Middle Eastern markets.
The working capital and trade finance facility from HSBC will allow Origin Fitness to invest in stock holding and double the size of its warehouse capacity in Edinburgh from 23,000 sq ft to 46,000 sq ft.
The funding is part of the bank’s national £10 billion SME fund to actively support UK SMEs of which £450 million is specifically designated to support Scottish firms and rebalance the economy outside of London.
Mr Bodger said: “This investment secures our future expansion plans for the company, where the UK, Europe and Middle East will be a key focus. It allows us to increase our stock and double our warehousing in order to become one of Europe’s largest commercial fitness stock holdings.
“It will also support the development of new products and an increase our headcount across key divisions during 2017.”