North-East based Speedflex was established and funded by entrepreneur Graham Wylie, one of the original founders of Sage, and Paul Ferris, ex Newcastle United physiotherapist.
The company manufactures innovative gym equipment which, unlike traditional exercise machines, does not use weights. Instead resistance is automatically adjusted in response to the user.
This means that the machine responds and adjusts the resistance allowing users to train efficiently and at an optimum level for the individual. This technology makes the equipment suitable for all ages and fitness levels and has the added benefit of having little or no post-training muscle soreness due to its concentric focus.
The machines have certainly impressed Alan Shearer and Ben Shephard, both of whom are ambassadors for the company.
There has been a huge demand for the new technology from gym operators, as they have recognised the machines will make the facilities much more inclusive, leading to increased membership. This has resulted in Speedflex having to urgently manufacture a further 80 machines.
Having made a strategic decision to utilise funding for the stage payment of the manufacturing and delivery process, Speedflex was introduced to Reward Finance Group by Peter Cromarty of Corporate and Commercial Business Solutions.
Portfolio Manager at Reward Finance Group, Alan Sanderson visited the company, met the directors and tried out the machines. With the amount of orders clearly demonstrating the new technology is a great addition to the gym market, he had no hesitation in providing a £500k Business Finance revolving facility to help the company fulfil the orders and facilitate further expansion.
Speaking about the investment, Group Finance Director of Speedflex, Mark Simpson, said,
“We had to act quickly to meet the demand for the machines and while this could have been funded from further internal investment, the process ideally suited utilising a revolving facility.
“We are therefore grateful to Reward who quickly recognised Speedflex’s potential and provided us with a flexible funding solution, which met perfectly with our requirement. The facility will enable us to settle stage payments, as they become due, and reduce the facility at the point of sale. It will also allow us to grow the business at the pace we require.”