Team Magnus Ltd
Programme: Recovery Loan Scheme
This children’s outdoor and sports gear manufacturer faced a disruption to their supply chain because of the pandemic. To avoid this, they used a Recovery Loan to fund their inventory.
Read what it had to say in this RLS case study.
British Business Bank: Can you tell us what your company does?
Kristine Moody, Managing Director of Team Magnus:
Team Magnus designs and manufactures sports and outdoors gear for children and young teens. We market and distribute globally, with a focus on North America, central Europe and Japan.
Explain why you wanted finance?
Covid delayed our manufacturing and international logistics by months, which caused serious cashflow problems.
How would you sum up what getting this finance has meant to you and your business?
HSBC allowed us to avoid a disruptive lag in our supply chain by committing to sufficient production early in the purchasing cycle, avoiding the dependence on delivered (high season) sales for deposit payments. The entire Covid recovery loan was used for inventory funding.
We avoided damaging disruption to supply and being out of inventory. We’ve met demand in all regions and delivered year on year growth despite the significant knock-on effects of covid in international manufacturing and logistics.
Kristine Moody, Managing Director of Team Magnus