Ashford toy business receives over £8m worth of HSBC funding

Keel Toys, one of the largest designers, importers and exporters of soft toys in the UK, has obtained funding facilities of £8.1m from HSBC UK to help the company continue growing its export market.

The Ashford-based family-run toy company, which was set up over 70 years ago, works with customers in the existing 80 countries to which it currently exports.

The facilities will enable Keel Toys to work more efficiently with its long-standing customers and target new buyers, as well as having the ability to transfer funding from one currency to another with ease.

Richard Keel, managing director of Keel Toys, said: “Thanks to HSBC UK, we’re now able to offer better credit terms to our customers overseas, in return for larger orders from them.

“This means we can expand our export business with confidence. HSBC’s worldwide network has also been hugely beneficial to us.

“The fact that the bank is on the ground in the countries we are already exporting to, as well as in new markets for us, means we can tap into HSBC’s regional expertise and are now working with customers we hadn’t previously heard of.”

Keel Toys was started in 1947 by Richard Keel’s grandfather as a sea-side wholesaler in Ramsgate. Now, the business is run by the third generation of the Keel family, with fourth generation family members also now starting to work for the business.

Des Birchall, relationship director for corporate banking in Kent, HSBC UK, added: “Keel Toys has ambitious growth plans which we were very happy to support.

“The business has continued to grow under the leadership of Richard Keel with the export market, in particular, a key part of his strategy.

“HSBC UK’s bespoke funding packing will help Keel Toys with its strategy to win more export business and invest in new opportunities that weren’t previously within reach.

“We look forward to supporting the business around the world as it continues to expand overseas.”