25 Jul Shoeburyness water sports retailer secures £5m funding
by Matthew Martino
Europe’s largest online water sports retailer, based in Shoeburyness, Wetsuit Outlet has secured £5million growth capital from leading small cap UK investors, Mobeus Equity Partners.
Wetsuit Outlet was founded 13 years ago by local residents Ian Homan and Peter Thompson. Keen water sports enthusiasts, they realised there was a gap in the market for an efficient online retailer delivering top brands at competitive prices.
The business, which has maintained its base in Shoeburyness throughout, has delivered consistent growth, with revenues rising at over 30% per annum for the last three years.
A major global exporter, Wetsuit Outlet sells technical clothing and equipment into over 160 countries
Commenting on the new investment CEO and co-founder Ian Homan said “This new investment enables us to expand, not only in our current market, but to open- up new brands in other niche markets. Our existing platforms and expertise put us in a very strong position to do this, and with the support from Mobeus we are ready to move forward. The funding has also enabled us put together a strong management team to drive the new business plan supported by our new Chairman, Peter Davies.”