A Scottish based costume manufacturer is celebrating the realisation of its expansion plans, having agreed to a significant stream of funding provided by Barclays Corporate.
AFG Media will use the £600,000 injection of cash to increase production of its world famous “morphsuit” – a brightly coloured lycra one piece.
Since the morphsuit made its debut at a rugby match back in 2009, it has proven to be incredibly popular with sports fans attending major events. It has also been used by fun runners, whilst some TV sketch shows have also had characters sporting it.
It is the success of the garment within the US market that has really accelerated the fledgling company, created by Gregor Lawson, Fraser Smeaton and his brother Ali.
The appeal of the funny and revealing suit has also been popular on Facebook, where the company’s page is fast approaching a million fans.
The success has created problems though, with previous production having been self-funded, with Ali Smeaton saying:
“This facility has given us the ability to rapidly increase production in order to meet growing general demand (and) has also allowed us to fulfill our largest trade order from a major US retailer.”
It is clearly very good news for the trio, but other firms have not been so fortunate in securing commercial finance in Scotland over recent years. Such problems have often stalled expansion plans, further fuelling economic difficulties.
With the loan allowing the new order to be met, the three directors of AMG are expecting turnover and revenue to leap. By the financial year’s end, they expect revenue to have topped £10m.