David Hanney: 'overwhelmed by support'

David Hanney: 'overwhelmed by support'

A crowdfunding scheme giving customers a chance to invest in one of the UK’s fastest growing outdoors brands raised double its target.

The offer to become shareholders in Alpkit reached its initial £750,000 goal in less than eight minutes of going live on Monday.

Within 44 minutes the CrowdCube campaign hit its upper cap of £1.5m.

The Nottingham-based company said, at its height five people were investing every second.

An Alpkit spokesperson said: “This bold step follows record sales over the last 12 weeks, where like-for-like sales were up 50 per cent to £2.3m, and reflects the Alpkit ethos of being outside together.

“Alpkit firmly believes that the outdoors is for everyone and offered shares from £10 at this time of expansive growth for the company.”

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. 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.”

Alpkit said its 1,380 new shareholders will be entitled to tiered benefits, depending on their level of investment. These include discounts on Alpkit product, VIP entry to Alpkit’s annual Big Shakeout festival, a custom UK-made backpack and to be the first to hear about Alpkit’s plans.

It added that the 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 assessment using the BCorp framework by 2022.

Alpkit was started in 2004 and, as well as importing outdoor and cycling gear, makes products in the UK in its own factory in Nottingham.

There are four Alpkit stores in Hathersage, Ambleside, Keswick and the Metrocentre in Gateshead, 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.