Team Sky's favourite energy drinks maker Science in Sport raises £9 million for overseas push

Science in Sport, the sports nutrition firm endorsed by Olympic cyclist Sir Chris Hoy, has bulked up for expansion by raising nearly £9 million.

The maker of protein bars and energy drinks will use the money to pedal further into the Australian and US market, as well as boost online sales.

“The net proceeds of the fundraising will allow us to take advantage of the compelling growth opportunities available to us,” chief executive Stephen Moon said.

The company is raising the cash by placing £7.9 million with existing shareholders.

A further £1 million in shares will be offered to the entire shareholder base. Shareholder Downing, which owns nearly 22%, will subscribe for £440,000 of shares in the placing, which is priced at 59p.