BikeBiz Bicycle and cycling retail news
Chorley-based Merlin Cycles is gearing up for further international growth, courtesy of new funding from HSBC.
The deal, with HSBC’s Commercial Banking team in Lancashire, sees the business secure a £400,000 trade finance facility to allow it to expand its import and export operations, particularly in emerging markets.
The cash has come from HSBC’s recently launched £4 billion ‘International SME Fund’, created specifically to provide lending for businesses that trade or aspire to trade with other businesses across the globe, supporting businesses with a turnover of up to £25 million, proved very popular and was fully utilised by September last year.
Established in 1993, Merlin Cycles has seen increased demand from customers in mainland Europe, the US and Australia, as well as a greater interest in cycling following the London 2012 Olympics.
Merlin Cycles MD John Moss said: “2012 has been a successful year for us, with the recent events such as Olympic Games and Bradley Wiggins’ triumph in the Tour De France shining a light on cycling as a sport and hobby. We want to ensure that we built on our success this year, starting 2013 with a banking partner that can best support our international operations and future growth plans. Given HSBC’s extensive international footprint, and local relationship banking approach, Will [Boarland, international commercial manager at HSBC] and his team were an obvious choice.”
HSBC’s Area Commercial Manager for Lancashire and Cumbria Clair McMeeking added: “Merlin Cycles is a fantastic example of a local firm that is thriving in a challenging economy thanks to its tenacity and innovative business strategy. At HSBC, we are looking forward to supporting the business with its international and domestic expansion ambitions into the future.”
