UK GEAR TARGETS OVERSEAS GROWTH AFTER £1.125 CASH INJECTION

Published: 26 March, 2010

UK Gear, the company that supplies performance running shoes to the British Army is preparing an assault on the US using a £1.125 million cash injection from venture capital firm Catapult. The funding will be used to increase the number of sales staff, both in the UK and US, to speed expansion into overseas military markets as well as specialist retail channels.

As part of the deal Mike Tomkins, non-executive chairman of online sportswear retailer M and M Direct, is to become chairman of UK Gear. Mike Tomkins led M and M Direct through a £90 million sale three years ago.

“We will certainly use the investment in UK Gear to explore new markets.” Mike Tomkins commented. “We are now in a stronger position to extend the brand’s reach world-wide.”

UK Gear beat larger rivals to provide the British Armed Forces with high performance training footwear that specifically endure extreme conditions. It has also received approval to supply the US Army; the US having the largest defence budget in the world.

The company was founded in 1993 by entrepreneur David Hinde, who began his work with the British Army in 2001. UK Gear shoes are the world’s first commercial product to earn the right to bear the famous crossed swords insignia.

“I firmly believe we have the full potential to become a major force in providing performance athletic footwear to military forces across the world. I see this new funding as underpinning our strategy and allowing UK Gear to take a giant step towards that ambition,” said David Hinde.

UK Gear has sales in excess of £2 million, which it plans to increase seven-fold in the next 7 years.

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