Cornish Entrepreneur Secures HSBC UK Funding For US Expansion
An entrepreneur from Cornwall has secured a five-figure finance package from HSBC UK to help him expand his business into the US market.
Muggi, which manufactures innovative sustainable drink carrying trays, was established in 2011 by David Trotter. David came up with the idea when he needed a solution to the problem of keeping multiple drinks from spilling on choppy seas. Today, the product is also used to make carrying drinks easier for the elderly and for people with disabilities.
David will use the HSBC UK funding to fulfil an order of 16,400 Muggi from American television network QVC, after the well-known shopping channel reached out to him about featuring his products.
Muggi is completely sustainable and made from recycled plastic, from household or post-consumer plastic as well as fishing nets and ropes taken out of the sea. One of the business’ founding principles is to drive positive environmental and social change, so making its products long-lasting and sustainable has always been a priority.
David Trotter, founder of Muggi, said: “When I initially had the idea for the product, the demographic I was targeting was the sailing industry, but over the years the product has been adopted by various other markets, including people with disabilities and older people struggling with arthritis, as well as campers and caravaners.
“It’s been an incredible journey so far, and I’m delighted that my product will start to gain exposure in the US. I couldn’t have done it without the support of HSBC UK, and particularly my Business Specialist at the bank, Katelen Soulsby, who pulled out all the stops to ensure I got the support I needed.”
Peter McIntyre, Head of Small Business Banking at HSBC UK, added: “David is the perfect example of an ambitious entrepreneur whose creative business idea has resonated with so many different markets. We’re delighted to be able to support him with the QVC collaboration.”
Source: Business Leader