Rainbow Productions, Britain’s leading character and costume specialist, has successfully purchased a new premises after a significant growth in demand.

The London 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 rocket past pre-covid levels as people flock back to live events and gatherings.

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 challenger business bank 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 property, valued at around £1.75 million, was purchased using a commercial mortgage from Allica Bank, the challenger bank specifically focused on supporting established businesses like Rainbow with a combination of relationship manager support and powerful technology.

The MD of Rainbow Productions, Simon Foulkes, 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 unit with the help of Allica Bank and our relationship manager, Martin. 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.”

Martin Parker, Relationship Manager at Allica Bank, 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. As their relationship manager, I am looking forward to working closely with them to see how else we can help them grow. Maybe we’ll even see an Allica Bank mascot enter the scene!”