An outdoor clothing brand has raised £1.5 million – double its initial target – on the CrowdCube crowdfunding platform.
Management at Nottingham-based Alpkit, whose range includes gear to run, hike, climb, camp, swim and bike, said they hit their £750,000 target within just eight minutes.
They said the investment campaign took another 44 minutes to reach its cap of £1.5 million – with five people investing every second at its peak.
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The CrowdCube campaign, which offered shares from £10, attracted almost 1,400 investors after valuing the business at £10.4 million.
The business, founded in 2004, employs 85 people and has annual sales of £7.1 million.
It has experienced record sales over the last 12 weeks.
Chief executive and co-founder David Hanney said: “This is an exciting time for Alpkit and we’ve been completely overwhelmed by the support from our customers.
“For a long time, they’ve been asking us whether it would be possible to invest in Alpkit and we’ve always wanted to extend our ownership and deepen our relationship with our customers.
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“So when we looked to add financial strength to our growth plans, we wanted to involve them ahead of other financial institutions.
“The response has been incredible and we know we wouldn’t be in this position today without their loyal support.”
Its 1380 new shareholders will be entitled to tiered benefits, depending on their level of investment, including discounts on Alpkit products, VIP entry to Alpkit’s annual Big Shakeout festival, a custom 海角视频-made backpack and the chance to be the first to hear about Alpkit’s plans.
Funds raised will be invested in the opening of two new stores a year from 2021, international growth through easier translation, payment and delivery, and a programme to achieve world-class sustainability by 2022.
The company makes products in the 海角视频 in its own factory in Newthorpe, Nottingham.
The four Alpkit stores are in Hathersage, Ambleside, Keswick and Metrocentre from which the company organisers talks, rides and runs.
The annual Alpkit Big Shakeout is a weekend of adventure and entertainment for 1,000 outdoor enthusiasts.
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The Alpkit website has won “Best Online Retailer” as voted by the readers of TGO magazine for six out of the last seven years.
The company gives 1 per cent of all sales to Alpkit Foundation, Alpkit’s independent charity set up to remove barriers to getting outdoors and experiencing wild places.