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CATAPULT INJECTS £1.125MILLION INTO UK GEAR LTD.
Catapult Venture Managers has announced the completion of a £1.125m investment into Coventry-based UK Gear Ltd, developers of high performance running shoes and sportswear.
The funding will be used to increase the number of sales staff in both the UK and United States in order to accelerate expansion into overseas military markets, as well as traditional retail markets.
UK Gear started development of a trainer shoe in association with the British Army in 2002 and this was completed in 2004. The resulting PT03 trainer is substantially more durable than competitors and lasts up to twice as long as ‘normal’ performance trainers. It is the only running shoe in the world to have earned the right to carry the British Army’s famous Crossed swords insignia and is supplied to its new recruits.
The company has subsequently developed further ranges of trainers including a specialist desert trainer and winter trainer, both aimed for training in the harshest of environments.
Chief Executive of UK Gear, David Hinde, commenting on the funding said: “I firmly believe UK Gear has the full potential to become a major force in providing performance athletic footwear to military forces world-wide. This new funding will underpin this ambitious strategy and allow us the confidence to meet that aspiration.”
Ray Harris, Investment Director with Catapult, commented: “In the current environment, an investment in a branded proposition is not a straightforward decision, but we have made this investment because of the outstanding quality of the management team led by David Hinde. There is significant sales potential for the company and this has been amply demonstrated through recently secured contracts including one for over £2m with the US coastguard. In the UK, it has secured a large stocking order for its new PT1000 trainer through a chain of specialist chain of stores.”
Rob Carroll, Catapult Managing Director, commented: “It has been further strengthened with the arrival of Mike Tomkins as Chairman, who is the former Managing Director of New Balance and who led the MBI of M and M, the UK’s leading online discount fashion and sports retailer.
“We would also like to acknowledge the important contribution made by Sue Summers of InvestBx who introduced the team to us and who we worked closely with to shape the investment proposition,” he said.
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For further information please contact Ray Harris at Catapult Venture Managers on 0121 616 0180 or 07905 349742; or Paul Shrimpton at PSPR Ltd on 0121 354 7311 or 07979 505322.
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