Plastic trombone manufacturer Warwick Music has secured a six-figure investment from venture capitalist firm Midven and HSBC.
Warwick Music Group currently sells about 25,000 plastic pBone trombones per year, having started life as a sheet music retailer more than 20 years ago.
The Coventry-based business was awarded £700,000 through Midven’s Exceed Fund and the cash will be used to accelerate its development and expand the range to include a number of new products such as plastic trumpets, flutes and cornets.
HSBC also provided invoice finance and trade loan facilities to support the company’s order book.
Steven Greenall, chief executive of Warwick Music Group, said: “There are a number of key advantages to plastic instruments over their traditional brass counterparts.
“They are cheaper to produce and have a lower retail price, they are more robust and can resist scratches and dents, as well as being approximately a third of the weight. This benefits young players in particular by allowing them to keep good posture.”
Midven investment director Surjit Kooner added: “Warwick Music Group has good, high quality products in what is a very competitive market, and have secured significant orders via long term contracts.
“Our investment will help the company push on and accelerate its development as well as bringing a number of new products to market in the next year.”
