UK Gear Ltd, a Coventry-based developer of high performance running shoes and sportswear, has completed a £1.125m equity financing from Catapult Venture Managers.
The capital infusion will enable the company 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.
In 2002, in association with the British Army, UK Gear started developing a successful trainer shoe, the PT03 trainer, which was completed in 2004. Subsequently, the company started increasing its trainer range including two specialist models for desert and winter.
Commenting on the funding, David Hinde, Chief Executive of UK Gear, was reported to say: “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”.
FinSMEs
03/02/2010