GovWire

• UK Export Finance (UKEF) has struck a deal with HSBC UK which allows OOSC to secure a transformational 1.4 million export finance package.

• Based in Worcestershire & London, OOSC is a retro-styled ski, gym and swimwear brand using materials from recycled plastic bottles, fishing nets and sea-waste.

• Nearly in their 10th year of operation, OOSC can now boost sales with key distributors like ASOS, Decathlon, Zalando in the EU, Macys in the USA, Hudson Bay in Canada and others across Australia and New Zealand.

British skiwear disruptors OOSC Clothing are set for global expansion with a government deal which secures them a 1.4 million export finance package.

OOSC was started by two friends from Swansea University and now exports to over 110 countries from their regional websites including sales to 49 separate US states. UK Export Finance has supported HSBC UK in financing OOSC to continue ramping up sales in key markets like the EU, USA, Canada, Australia and New Zealand.

Launched in 2015, OOSC is an online retailer of retro-styled skiwear, swimwear and gymwear made from recycled plastic bottles and sea waste like fishing nets - with all products in its ski outerwear range wholly produced from recycled materials. In 2022, Team GB and double Olympian snowboarder Katie Ormerod became a brand ambassador for OOSC and developed her own range.

Supported by this latest deal with UKEF, the company will be able to fulfil more international orders from major retailers like ASOS and Decathlon. Following on from the previous 450k HSBC UK facility which UKEF supported in 2021, the new financing will also help OOSC to purchase more inventory to support their growth in global sales. In 2023, OOSC also secured a green trade loan from HSBC thanks in part to their sustainability credentials.

UKEFs range of credit guarantees and insurance helped UK businesses access 6.5 billion last year. OOSC benefited from a General Export Facility credit guarantee which allows smaller businesses to access flexible trade finance through a range of banks and financial institutions.

Tim Reid, CEO of UK Export Finance, said:

In less than a decade, two friends have taken a quality idea and used it to create an iconic UK brand loved and worn in over 50 countries. Innovation is in the DNA of British business, and this is what UK Export Finance is here to support. I am proud for us to be helping these trailblazers realise their potential and ensure that finance doesnt stand in the way of great ideas.

Nick Marsden, Co-Founder and Director of OOSC Clothing, said:

For the last two years, UKEF support has been crucial for our international growth. Were seeing customers around the world get excited not only by our retro-styled products, but also by our industry-leading sustainability credentials and the wider impact were having on the planet.

UKEF has played a critical role in facilitating our international growth, strengthening our presence in existing markets and entering new ones. We simply would not have grown as fast as we have without its support.

Ben Clarke, Global Relationship Director,Greater Manchester & Lancashire at HSBC UK, said:

Weve worked closely with OOSC for the last few years as theyve expanded their brand, and were delighted to be supporting them with the next stage in their international expansion. HSBC UK is committed to leveraging our global strengths to help ambitious UK businesses like OOSC to succeed both domestically and globally.

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