A commercial mortgage from Allica Bank has enabled Rainbow Productions, a character and costume specialist, to purchase a new premises to service a significant growth in demand.
The south London-based business, which has created mascots for over 50 International sporting tournaments including the London 2012 Summer Olympics as well as managing the personal appearances of over 140 licensed children’s characters such as The Gruffalo, Peppa Pig, the Smurfs and PAW Patrol, has seen sales of its mascot costumes significantly exceed pre-COVID levels.
Founded in 1983, Rainbow Productions has 30 full-time employees alongside a roster of 90 freelance costume makers, and 260 freelance performers and road managers. It manufacturers all costumes by hand from its London premises in Colliers Wood. The new unit, purchased with the support of Allica Bank, is based just around the corner and will allow Rainbow to increase its capacity as demand for both new mascots and its aftercare services have grown, potentially increasing their operating capacity by as much as a third.
The new property, valued at around £1.75 million, was purchased using a commercial mortgage from Allica Bank, which is specifically focused on supporting established businesses like Rainbow with a combination of dedicated relationship manager support and powerful technology.
Simon Foulkes, managing director of Rainbow Productions, said: “Rainbow has seen some fantastic growth on the back of soaring demand for live events, which has exceeded pre-pandemic levels.
“We’re incredibly pleased to have acquired our new premises with the help of Allica Bank. Once fully operational, it will enable us to operate much more efficiently and give us the confidence to continue to grow the business in line with demand. It also secures our future in the local area which is so important given our hugely talented pool of colleagues.”
Talking about the support Allica provided to Rainbow Productions, Allica Bank’s Martin Parker said: “Allica Bank is thrilled to partner with such an exciting, growing business like Rainbow Productions. Simon and his team have vast experience, which they combine with immense creative talent, and have a clear vision for the firm that made them the perfect business for Allica to support. It is also wonderful to work with a business that exists to make people smile.
“Allica Bank is committed to serving established businesses like Rainbow, who are such a core part of our local communities.”