The Courier & Advertiser (Angus and Dundee)
Jobs secured at sports firm
APerthshire sporting goods firm has received a £175,000 funding boost after its operations were affected by coronavirus.
The cash will help Team Magnus, which serves a global market, secure several local jobs.
The Coronavirus Business Interruption Loan (CBILS) from HSBC UK has allowed Team Magnus to retain its six staff throughout the pandemic.
The firm is based in Auchterarder and operates internationally in the US, Japan and throughout Europe, designs and manufactures entry-level equipment aimed at preteens for outdoor activities, including water and snow sports.
It has seen its cashflow hit by the slowdown in international shipping and logistics months.
Team Magnus trebled its turnover year on year from £1.6 million to £3.6m to end February 2021 but required the support to continue to meet growing international customer demand.
Kristine Moody, managing director at Team Magnus, said: “HSBC UK understood our situation well and recognised that we were experiencing exceptional demand at a time of huge logistical challenges globally.
“Our long-standing relationship with our relationship manager at HSBC UK, Grant Donald, has been at the centre of our expansion.
“We simply wouldn’t have been able to meet demand in the US if HSBC UK hadn’t allowed us to commit to sufficient production through our in the past 12
CBILS loan. HSBC UK were able to put themselves in our shoes and 2021 has started exceptionally well for us, again partly in thanks to a new overdraft facility.”
Mr Donald added: “Team Magnus saw an incredible level of demand for its product range but were struggling with the impact the pandemic was having on logistics and cashflow.
“We’re pleased to be able to support the business to help it continue to meet demand through this challenging time.”
Team Magnus, which was founded in 2010, recently began a collaboration with USA Nordic to “become the leading kids’ snowsports brand in China ahead of the Beijing Winter Olympics 2022” and supplied mini skis to USA Nordic and its national team.