Internationally-renowned wetsuit manufacturer, Gul Watersports Limited, has moved to new headquarters in Indian Queens.
Sales have grown 10% in the last year, and the new 12,000 sq ft premises will provide the firm with the space needed to continue with its expansion.
Over the next five years, Gul says it intends to increase trade with key markets such as South Africa, Australia and New Zealand. It will also continue to export its new range of cold water wetsuits and equipment to Norway and Sweden.
As a result of the expansion the company intends to create seven new local jobs by the end of the year – increasing its workforce by nearly 50%.
MD, Mike Flavelle, said: “Although we had a strong connection with our headquarters in Bodmin, we recognised it was too small to support our future expansion plans, especially as we continue to use our expertise to develop new, innovative products on-site.
“The past few years have been successful for Gul, and we’ve increased our turnover by 10% in the past 12 months alone. 20% of our sales currently come from exports, and, as we continue to drive growth overseas, we expect this to double by the end of 2020.”
To gain the funding needed to purchase the new property, Flavelle approached long-term banking partner Lloyds Bank, which provided a £340k loan through the Regional Growth Fund. The company also received a £650k invoice financing package from Lloyds Bank Commercial Finance.