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Wednesday, July 24, 2024

Leisure goods producer secures £500,000 investment to bolster growth plans and accelerate product development

Clitheroe-based manufacturer of portable leisure and camping goods TotalCool, has secured a £500,000 capital investment from alternative funding provider Growth Lending, to support the firm’s cash flow during an important period of expansion.

Founded in 2015, TotalCool specialises in the leisure and camping industry and will use the funds to support its goal of expanding into the B2B market, using its enhanced working capital position to reinvest in growth and the continuous innovation of its new product line.

TotalCool manufactures a wide range of leisure and camping equipment, such as air conditioning units, portable fridge freezers, solar panels and portable rechargeable batteries. TotalCool’s products are designed to work together in off-the-grid locations, featuring rechargeable lithium-ion batteries, powered by a foldable and portable solar panel.

Growth Lending is a leading provider of fast, flexible and tailored funding for high-calibre B2B firms. The team – based in London, Manchester, Leeds, Bristol and Wales – has decades of experience with institutional lenders, alternative finance and invoice discounting, giving it the confidence to lend quickly. Growth Lending had a record 2021, providing £64m under the government CBILS initiative, to support businesses through the pandemic and aims to double in size by the end of 2022.

TotalCool chose Growth Lending due to the firm’s personal approach and flexible funding, which included face-to-face client meetings, sustained communication and an overall efficient deal process.

Adam Drinkwater, Managing Director at TotalCool, says: “We are very impressed with the outcome of our deal with Growth Lending. As we aim to expand our business to serve a wider range of clients, the funding will help maintain our current operations and enable us to reach new markets to achieve our ambitious growth plans.”

Vicki Taylor, Principal at Growth Lending, says: “This was a brilliant opportunity to work with an innovative and determined team wanting to expand its clientele to new levels.

“We are happy to have been chosen to provide TotalCool with the funding to support that growth and are very excited to see it progress as a business.”

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