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Barclays backs ThruDark retail expansion with £4m trade loan

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Barclays has reported a 19 per cent rise in first-quarter profits, as market turmoil driven by Donald Trump’s return to the White House boosted trading revenues across its investment banking arm. The FTSE 100 lender posted pre-tax profits of £2.7 billion for the three months to the end of March, beating City forecasts of £2.5 billion. The performance was powered by a surge in revenues from Barclays’ markets division, which capitalised on investor reaction to sweeping policy changes by the Trump administration. Revenues in the markets business climbed 16 per cent year-on-year to nearly £2.7 billion, driven by a 21 per cent increase in fixed income, currencies and commodities trading, and a 9 per cent rise in equities. Activity soared as traders helped clients rapidly rebalance portfolios in response to new US trade and economic measures. The gains offset a rise in loan loss provisions across the group, which increased to £643 million from £513 million a year earlier. Barclays said this included a £74 million charge for “elevated US macroeconomic uncertainty”, reflecting the potential impact of Trump’s newly imposed global tariffs. The results mark a win for chief executive CS Venkatakrishnan, known as Venkat, who unveiled a three-year transformation plan in early 2023 to revive shareholder confidence and reposition the bank. His strategy includes rebalancing Barclays away from its historically volatile investment banking arm and bolstering its UK consumer and corporate businesses, alongside a commitment to return £10 billion to shareholders by the end of 2026. Investment banking fees also saw a strong uplift, rising 16 per cent to £1.2 billion from advising on takeovers, capital raises, and debt issuance. Despite the market gains, challenges remain for Barclays as it navigates a shifting global landscape. Trump’s new trade tariffs, including heavy levies on Chinese goods, pose risks to the global economy and could threaten growth in the UK and US — key markets for the bank. Venkat acknowledged the uncertain backdrop but struck an optimistic tone: “Our high quality, diversified businesses, together with proactive risk, capital and liquidity management and a robust balance sheet, position us well to support our customers and clients and deliver strong risk-adjusted returns in a wide range of macroeconomic scenarios.” Barclays shares have performed strongly since Venkat’s turnaround plan was announced last year, but ongoing geopolitical and economic volatility may test the resilience of his strategy in the months ahead.

Barclays has provided a £4 million trade loan to British high-performance apparel brand ThruDark, supporting its continued growth and accelerating its retail expansion strategy.

The funding, provided by Barclays UK Corporate Bank, has been deployed to strengthen ThruDark’s working capital following the crucial Golden Quarter trading period, encompassing Black Friday, Christmas and January sales. It has also enabled the brand’s high-profile festive retail activation at Battersea Power Station, bringing its performance-led apparel to one of London’s most prominent retail destinations.

Founded in 2016 by former special forces soldiers Louis Tinsley and Anthony “Staz” Stazicker, ThruDark has built a reputation for designing rugged, high-performance clothing tested in demanding real-world environments. The brand has scaled rapidly in recent years, blending technical innovation with a strong community and endurance-driven identity.

That growth was recognised at the Barclays Entrepreneur Awards, where ThruDark was named Scale Up Company Award winner for 2025. The business has also featured again in The Sunday Times ranking of Britain’s fastest-growing private companies, underlining its momentum in a competitive retail landscape.

Owen Dady, relationship director at Barclays UK Corporate Bank, said the deal reflects the bank’s wider commitment to supporting ambitious UK companies. He pointed to Barclays’ £22 billion Business Prosperity Fund, announced last year, which is designed to help businesses invest for growth, scale operations and manage periods of peak demand.

Chris Reynolds, chief executive of ThruDark, said the funding has given the business vital flexibility to invest confidently. He noted that the facility has helped the company purchase stock at scale, meet strong seasonal demand and push forward with its physical retail ambitions, adding that the Scale Up Company Award win was a major milestone for the team.

Beyond retail, ThruDark continues to build its brand through sport, adventure and elite performance. Its partnerships range from teamwear sponsorship with Triumph Racing to title sponsorship of the Devizes to Westminster International Canoe Race, often described as the “canoeists’ Everest”. Its kit has also been tested on world-first expeditions, including a record-breaking speed ascent that saw one of the company’s co-founders travel from London to the summit of Mount Everest and back in under seven days.

Together, the funding and recent accolades mark another step in ThruDark’s transition from niche performance label to scaled British retail brand with international ambition.

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Barclays backs ThruDark retail expansion with £4m trade loan

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