Sheffield wholesaler Pricecheck has secured a £14 million loan from Lloyds Bank to help it achieve a £100 million turnover by 2020 and £200 million five years after that.
The company, which exports to 80 countries, has expanded its product range after signing new multi-million pound contracts with leading brands such as Johnson & Johnson, Coty and Lindt.
Additional products being stocked cover the skincare, fine fragrance and alcohol categories.
Lee Walker, Pricecheck finance director, said: “Expanding into new markets and diversifying our product range provides us with every opportunity to reach our targets.
“While expanding is important to us, it can be a capital-intensive exercise that requires us to purchase large amounts of stock.
“Large contract wins and brand partnerships can also be unpredictable in their timing, so flexible financial support is extremely important.
“It’s crucial for us to have the backing of Lloyds Bank, which allows us to expand at pace without harming our day-to-day finances.”
Tel: Pricecheck 0114-244 0887
Published Date: April 24, 2019