A publishing company is planning to expand its events arm after securing a £300,000 funding package from Clydesdale Bank.
PSP Publishing, which has lifestyle magazine No.1 and golf title Bunkered in its stable, is aiming to double turnover to £8 million by 2014.
To do that, PSP plans to expand the Girls Day Out consumer event – which it has run in Glasgow since 2009 – into Edinburgh, Manchester and Birmingham this year.
Holding the event in further cities is also being considered.
The Glasgow company launched its events offering in 2006 with The Scottish Golf Show.
Paul Grant, director, said early sales indicated PSP was on course for a record year in 2012, which comes after major growth during 2010 and 2011.
He said: "With Girls Day Out we are going from two held in Glasgow to five across four cities. We plan to expand that again in 2013 and 2014.
"We have started our sales cycles and we are breaking records as people are not just booking for one event – they are taking all five.
"The event was born in a recession and has thrived, which shows the level of demand for this type of consumer experience.
Exhibitors know these events work as they have a captive audience that likes to purchase goods.
"In this current climate it is a very good model."
PSP has had solid growth in recent years despite the difficult economic conditions.
It said the print titles were "holding their own" but the company sees events as its major growth driver in the next few years and will be adding to the 42 staff it currently employs.
Clydesdale Bank has provided an invoice finance agreement to the business.
Mr Grant said: "In a climate where banks are being hesitant, Clydesdale made a decision quickly.
"We've gone from an overdraft to an invoice finance set up.
"The more business we do the greater money is available to us so it gives us a wee bit more control over our cash flow."
Clydesdale's Simon Kerr said: "This is a new business to the bank, and it is a fine example of a Scottish company that is continuing to trade well in the current economic climate.
"PSP Publishing has ambitious plans to double its annual turnover over the next three years, and has set out a detailed plan in order to achieve this.
"The company's directors have strong yet realistic ambitions for business growth over the medium term."
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