Sheffield based business Kitlocker.com Ltd today announced it has received support from Barclays through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS) in order to maintain the ability to trade through the COVID-19 crisis.
Kitlocker.com Ltd was established in 2005 with the sole intention of improving service levels in the university sportswear sector. The idea for the company was originally formed in a bedroom on campus at Sheffield Hallam University with the business plan forming part of a degree programme.
The company has gone from strength to strength and their customer base now extends to iconic brands like the Football Association, Oxford University, Cambridge University and Nike. The business now also provides sports and leisurewear to schools, colleges, and semi-professional football, rugby, basketball and volleyball clubs and many other sports and sectors.
Mike Kent, co-founder and Director said: “We recently started our expansion plans increasing staffing levels, relocating premises and building our stock provisions and we’ve also been driving efficiency consolidating from three sites down to one. The impact of the coronavirus pandemic was pretty dramatic and we knew we had to immediately reassess our future plans.”
Tom Ward, co-founder and Director, Kitlocker.com Ltd said: “Sinead and James guided us through the CBIL application to make sure the level of funding provided us with flexibility, giving us a lifeline in very uncertain times and we’re extremely grateful for their continuing support.”
The six figure funding facility will cover essential operating costs whilst allowing for loss of revenue due to a reduction in trade. Both Mike and Tom recently attended the Barclays Scale-Up programme, which is run in conjunction with the Cambridge Judge Business School and provided them with advanced business skills.
Sinead McCall, Barclays High Growth Business Manager put together the funding package for the deal together with James Western, and said: “We’ve worked with Kitlocker.com Ltd since they were established and have supported their growth over the years so we have a strong relationship and understanding of their business model. This enabled us to move quickly to support the business so that they can operate through these unprecedented times.”