You are in:
Cash injection for UK Gear
High performance shoe company UK Gear is planning to expand its operation throughout the UK and into the United States, having secured £1.25 million investment from venture capital firm Catapult. As part of the new set-up for the Warwickshire-based firm, Mike Tomkins has been appointed chairman.
UK Gear has supplied the British Armed Forces with its training footwear since 2001, and this cash injection is intended to enable the company to expand its sales force in the UK and in the United States, with a view to developing both the overseas military business and consumer retail presence.
“We will certainly use the investment in UK Gear to explore new markets,” says Tomkins, who is also non-executive chairman of online sportswear retailer M and M Direct. “We are now in a stronger position to extend the brand’s reach world-wide.”
David Hinde, who founded UK Gear in 1993, remains company chief executive, while Saucony’s former UK boss Andrew Sainsbury has come in as non-executive financial director. UK Gear has also boldly announced a seven-year plan for “seven-fold” growth of its current £2 million sales.
“I firmly believe we have the full potential to become a major force in providing performance athletic footwear to military forces across the world,” says Hinde. “I see this new funding as underpinning our strategy and allowing UK Gear to take a giant step towards that ambition.”
UK Gear shoes were the first commercial products granted the right to bear the Armed Forces’ crossed-swords insignia, and the company now also has approval to supply the United States Army. The range features shoes for running, cross-training, hiking and off-road running, with particular emphasis on use in extreme conditions.
