Surfboard business aims atUS markets with cash support

The Coleraine company behind a pioneering new surfboard is setting its sites on the huge US market after securing of a £500,000 investment boost.
By The Newsroom
Published 3rd May 2016, 06:00 BST
Ricky and Chris Martin, left and right, with, from left, investor Andrew Marsden, Alan Taylor, corporate partner at Arthur Cox, investor Jillian Marsden and Brian Cummings investment director at Clarendon Fund ManagersRicky and Chris Martin, left and right, with, from left, investor Andrew Marsden, Alan Taylor, corporate partner at Arthur Cox, investor Jillian Marsden and Brian Cummings investment director at Clarendon Fund Managers
Ricky and Chris Martin, left and right, with, from left, investor Andrew Marsden, Alan Taylor, corporate partner at Arthur Cox, investor Jillian Marsden and Brian Cummings investment director at Clarendon Fund Managers

Guided by law firm Arthur Cox, the Skunkworks Surf Company has become the first surfboard manufacturing company in Northern Ireland with highly ambitious p[lans for export success.

The firm, run by brothers Ricky and Chris Martin, has received the cash injection through a joint deal involving local private investors Andrew and Jillian Marsden and Co-Fund NI, which is a fund created by Invest Northern Ireland and managed by Clarendon Fund Managers to help businesses with growth potential access equity finance.

Hide Ad
Hide Ad

Co-Fund NI is part-financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

Arthur Cox, recognised as one of the foremost corporate and commercial law practices in Northern Ireland, acted on behalf of Skunkworks in the deal.

Founded in 2014, Skunkworks manufactures its own, 100% recyclable surfboards and stand-up paddleboards which will be on sale throughout the UK and Europe from September.

The firm now plans to use the investment to grow its manufacturing capacity and break into the US market.

Hide Ad
Hide Ad

“This a landmark investment for Skunkworks and one which will play a major role in helping us realise the ambitious targets we have set ourselves,” said Ricky Martin.

“We have recently returned from a trade mission in California where the interest in, and demand for, our products is huge – this funding can help us make inroads into the US market.

“We have just taken on a 10-year lease on new and bigger premises in Coleraine Harbour and plan to employ 15-18 people in the next three years.

“This investment is a major vote of confidence not just in Skunkworks, but in the local SME sector in general.

Hide Ad
Hide Ad

Alan Taylor, corporate partner at Arthur Cox’s Belfast office, said: “Skunkworks is one of Northern Ireland’s most dynamic recent start-ups, having been recognised with a host of industry accolades. “We are delighted to see completion on an equity finance deal which we know will help facilitate the company’s exciting growth plans.

“We look forward to seeing the firm continue its upwards trajectory as it seeks to establish its products in new markets.”

Brian Cummings, Investment Director at Clarendon Fund Managers, welcomed the landmark investment for Co-Fund NI, saying:

“We are delighted that this is our 30th investee company. The private investors are a great fit with the team and will no doubt help Ricky and Chris achieve their ambition of making The Skunkworks Surf Company a global surfboard business.”

Related topics:ColeraineNorthern IrelandChris Martin