Gift Universe secures £14million funding deal

Dorking-based Gift Universe Group is focused on growth after agreeing a £14million funding package with the Royal Bank of Scotland consisting of working capital facilities and a term loan.

The funding is being used to support the company’s continued growth and expansion through its retail stores, Ecommerce channels and through its wholesale distribution to some of the UK’s top retail brands.

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Menkind, the UK’s leading multi-channel niche gifts and gadgets retailer, has acquired RED5, the Hull-based consumer gadgets brand.

As part of the acquisition, Menkind intends to retain RED5’s existing stores, warehouse and offices, plus its 220 staff. The original founders Jonathan Elvidge and Joth Baron will remain actively involved in the business during the transition period, as consultants to the management team.

At the end of the 2015 financial year, RED5 reported an 18% sales growth, a turnover of £18 million and pre-tax net profits of £1.3 million.

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M:Tech’s Micro Drone release

The Micro Drone was released on the 20th May 2015 with much excitement from the team at MenKind. This little drone is capable of indoor and outdoor flight despite only measuring in at 4cm on all sides. With fantastic omni-control functionality and the ability to perform mid-air flips there are high hopes for this little piece of tech.

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