A multimillion pound South Yorkshire business, which started out on a dining room table with a £2,000 credit card debt, has secured £2.3 million to fund future growth from HSBC.
Gala Tent has grown over 13 years to become the UK’s largest importer and exporter of tents, marquees and pop up awnings, with a predicted turnover of £7 million this year.
Now, the Dearne Valley company is planning to open up new markets in Europe and expand its UK presence with the help of HSBC’s Commercial Banking team.
Managing director Jason Mace said: “We are at an exciting phase of growth and the business required an international bank that can facilitate the flexibility we require to make the most of our importing activity. This will allow us to further penetrate the European market and continue to develop our presence in the UK.
“The team at HSBC have worked with us to ensure the right financial products will facilitate our strategic growth goals for the future of the business.”
HSBC area commercial director for South Yorkshire, Martin Nattrass, said: “Gala Tent is a great example of a business which has responded to the growth in the online market by focusing its growth strategy on web-based sales. The company is also expanding its international footprint, by targeting new customers in Europe.”
Gala Tent sells more than 10,000 tents and marquees each year, along with around 90,000 accessories and furniture products.
The company is a preferred supplier for organisations including the military, NHS, the South Yorkshire Fire & Rescue Service, South Yorkshire Police Service, St John’s Ambulance and the AA.