A PERTHSHIRE-based junior sports and adventure goods firm has secured a funding deal to safeguard jobs and help meet “exceptional” demand for its products.

Team Magnus, which serves markets in the US, Japan and around Europe from its base in Auchterarder, said the £175,000 coronavirus business interruption loan from HSBC will help it retain its six staff throughout the pandemic. It had seen cash flow impacted by the slowdown in international shipping and logistics activity in the last 12 months.

The company, headed by managing director Kristine Moody, designs and manufactures entry-level equipment for outdoor activities for the pre-teen market. Sales increased to £3.6 million from £1.6m in the year to the end of February.

Ms Moodie said: “HSBC UK understood our situation well and recognised that we were experiencing exceptional demand at a time of huge logistical challenges globally. Our longstanding relationship with our relationship manager at HSBC UK, Grant Donald, has been at the centre of our expansion.

“We simply wouldn’t have been able to meet demand in the US if HSBC UK hadn't allowed us to commit to sufficient production through our CBILS loan. HSBC UK were able to put themselves in our shoes, and 2021 has started exceptionally well for us, again partly in thanks to a new overdraft facility.”

Grant Donald, relationship manager at HSBC UK, said: “Team Magnus saw an incredible level of demand for its unique product range but were struggling with the impact the pandemic was having on logistics and cash flow. We’re pleased to be able to support the business to help it continue to meet demand through this challenging time.”