Shropshire's 2012 Olympic Games toymaker signs deal

Shropshire-based Golden Bear Toys, named as the official manufacturer of mascots for the 2012 Olympic Games, has signed a multimillion pound trade finance deal with Lloyds TSB.

The finance package is part of a £1 billion pot made available by banking bosses to help companies take advantage of opportunities offered by the London Games.

The deal with Lloyds TSB Corporate Markets will help the Hortonwood-based company to fund fulfilment of its Olympics orders while expanding its workforce of 71 by about 20 per cent. A limited first edition toy of the London 2012 Wenlock mascot, made by the company, sold out within days of its release last month.

Bosses at the online Olympic shop - selling 2,012 of the teddies in their own display boxes - saw the final few hundred Wenlocks snapped up in just 20 minutes after they were released to the public.

John Hales, managing director of Golden Bear Toys, said: "This means a tremendous amount to us. It is without doubt the most prestigious contract we have ever received.

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"Lloyds TSB is uniquely positioned to provide us with the financial support and advice we need as we move closer to the Olympic and Paralympic Games.

"As a Tier 1 sponsor of the 30th Olympiad, the bank has an in-depth understanding of what it means to be a supplier to the 2012 Games and as a result they've been able to create a tailor-made finance package to help us achieve our production goals."

Chris Pennick, relationship director for Lloyds Banking Group in the West Midlands, said: "We're delighted to be supporting such a well established and treasured Shropshire business as Golden Bear Toys.

"Their appointment to the supplier roster proves that there are plenty of opportunities for businesses outside of London to be a part of the 2012 Games.

"Lloyds Banking Group has pledged to make £1 billion available to help businesses benefit from these opportunities and we're very pleased to be putting some of this funding to good use for Golden Bear."

Established in 1979, Golden Bear Toys is one of the UK's leading manufacturers of toy products.

The company has a wealth of experience in producing high-profile sporting memorabilia including the manufacture of mascots for the 1992 Olympic Games in Barcelona and the 2008 Olympic Games in Beijing. Golden Bear's license for the 2012 Games will see the company manufacture a whole host of gift products including key rings, mobile phone charms, collectable figurines, car mascots, backpacks and tote bags.

Chris added: "As Golden Bear's news shows, firms in all sorts of sectors, right across the country, could be winners if they explore the opportunities available to them courtesy of the London 2012 Olympic and Paralympic Games. Businesses should be deciding now how they will turn these opportunities into sustainable business growth ideas and create demand for their products and services."