Ivaylo Penchev learned rock-climbing "on the vertiginous cliffs of his home town, Veliko Tarnovo in central Bulgaria, but never imagined that his weekend pursuit would become a global business," according to Kerin Hope of the FINANCIAL TIMES. Walltopia, founded 18 years ago by Penchev and his school friend Metin Musov, has become the "world’s leading manufacturer and assembler of prefabricated climbing walls for gyms, malls and adventure parks, with more than 1,300 completed projects in over 50 countries." Penchev "claims to have revolutionised a fragmented business that catered to a niche sport for diehard enthusiasts but now holds a much broader appeal," as specialist climbing gyms and “fun walls” for beginners proliferate across Europe and the U.S. He said, "We're seeing explosive growth in climbing gyms and most of the momentum is coming from the U.S. Climbing has become a mainstream sport in the last five years." Walltopia still does all its manufacturing in Bulgaria, employing more than 200 workers at three factories. Its tailor-made products are shipped by container and "erected on-site by a specialised team of Walltopia workers dispatched from Bulgaria." Penchev said that profits will exceed €10M ($10.6M) this year on revenue of more than €60M ($64M). He said, "We're growing at more than 30% a year in terms of climbing wall surface" (FT, 11/28).
