Guildford: Grand Prix Legends funding boost
Grand Prix Legends, the world’s leading Formula One and motorsport merchandise company, has received a £1.25m funding package from The Royal Bank of Scotland (RBS) to assist its growth plans for the future.
Grand Prix Legends (GPL), based in Guildford, was formed in 1994 by joint managing directors Chris Cotton and Sara Linney. Today, it sells an extensive array of diecast replicas, aircraft models, leisure wear, sunglasses, books, videos and DVDs, with a growing client database of more than 250,000 people. It has recently launched outdoor clothing brand Danger Rocks and commissioned a branded campervan which will attend various major outdoor sporting events to sell the products and raise brand awareness.
GPL purchased its current office and warehouse in 2005, from which it currently employs 35 people. As part of this funding solution, the company has now switched its full banking facilities to RBS.
Managing director Sara Linney had developed a five-year plan and needed a banking partner that would fully support the company’s growth objectives. The plan centred on an expanded range of products and increased sales of its new Danger Rocks sportswear brand.
Linney was originally approached by Simon Duck at RBS, who assessed the plan and provided a highly-specialised funding package to enable this to go forward. RBS took over the existing mortgage loans and provided additional funding to help GPL achieve its immediate expansion aspirations.
Steve Bennett, relationship manager at RBS has since taken on the relationship at the beginning of 2009 with GPL and continues to provide support.
Linney commented: “When I pause to think how far GPL has come in 15 years, it is really quite incredible. Since forming in 1994, it has progressed to become the world’s largest merchandise company for Formula One and motor sports. Each stage of progress requires a banking partner that is fully supportive of our growth goals. The RBS team were able to provide a bespoke financial solution perfectly suited to what we needed. My thanks go to them for their ongoing support, and their belief in GPL’s future potential.”
