Cornwall-based distributor Silverfish UK has secured ‘significant’ new financial support through a shareholder funding round, to help combat the current economic climate.
Like many companies working in the cycling sector, the combination of Covid-19 and war in Ukraine has caused major supply chain issues, Silverfish said, with this new funding helping to support the company through these headwinds.
Finances were raised through Connection Capital and its main existing shareholders, along with further support from Silverfish’s lending partner ThinCats, which helps support mid-sized SMEs.
ThinCats has supplied Silverfish with a restructuring package designed to offer long-term financial support for the business.
Silverfish founder Darren Mabbott said: “We make no bones about it, it has been a challenging twelve months but with additional funding now in place and with the support of our fantastic brands and retail customers, we are really well placed to accelerate our exciting plans for the business.”
Silverfish was founded in 1999 to distribute a handful of progressive Canadian bike brands – today the company is focused on premium mountain bike and crossover brands for distribution across the UK, Ireland and parts of Europe.
The brand portfolio currently includes brands like Yeti Cycles, Fox, 100%, Race Face, Michelin, Forestal, SDG, Marzocchi, CushCore, Peaty’s, Ride Concepts, Easton, Birzman and Skratch Labs.
James Sharp, head of borrower solutions, ThinCats said: “This financial restructuring package will support the Silverfish management team and its shareholders to navigate through some of the knock-on impacts brought on by a challenging macroeconomic environment. ThinCats is well known for providing flexible lending solutions to mid-sized SMEs, however this transaction shows how we support our borrowers post funding – particularly in times of difficulty. Fundamentally Silverfish remains a strong business with a rich heritage in its field and a best-in-class management team led by Darren Mabbott (founder) and Matthew Osborne (managing director). The strength of our relationship with Michael and the Connection Capital team provided us with significant comfort to support the business.”
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Connection Capital came on board as a Silverfish investor in 2022, helping the company invest in customer support and expand in Europe, while also helping to attract new brands.