Maker of life-saving motorbike suit secures debt finance to race ahead of rivals – Telegraph.co.uk
7 months ago Comments Off on Maker of life-saving motorbike suit secures debt finance to race ahead of rivals – Telegraph.co.uk
A maker of hi-tech, life-saving motocycle gear is the first company to raise debt finance from a new division of Clydesdale Bank, which was launched to find and support the nation’s top technology start-ups.
Covec, which manufactures technical fabrics that prevent motocyclists from being burned in crashes, is aiming to triple sales as a result of the £500,000 deal from the bank’s Emerging Technology Unit (ETU), which was launched late last year.
The new financial backing will allow the £1.2m-turnover company to produce more stock and develop new products using Covec – which is also the name of its patented material – on behalf of other brands. It is also expanding into clothing for workers in hazardous environments and “slash and stab” protective gear for the defence industry.
“We’re barely scratching the surface now,” claimed Covec chief executive Keith Bloxsome, a former Speedway racer. “We have the only purpose-made material for the motorcycle industry and there’s lots of potential growth in selling to like-minded brands.”
Maker of life-saving motorbike suit secures debt finance to race ahead of rivals – Telegraph.co.uk}