Member Article

Newcastle retailer Iapetus set for £2m turnover after shop refurbishment

North East retail business Iapetus, which trades as Bang and Olufsen, has completed the refurbishment to its two North East shops, following a funding package from Barclays.

The business, which employs nine staff in total, now expects turnover to reach in excess of £2m this year.

Established in 2009, the retail outlets are located in Newcastle and Yarm. The firm says the refurbishment has enabled the business to totally revamp the shops, allowing customers to see and hear the premium goods in an elegant setting.

Martin Wakefield, Managing Director, said: “We’ve been operating across the North East for seven years now and decided the time was right to invest in the business and upgrade the shops.

“It’s really important that we’re able to demonstrate our quality products in appropriate surroundings and we’ve had fantastic feedback so far.

“Barclays has been great providing the finance for our continual growth and we’re hoping for a boost to our sales – especially as we approach Christmas.”

Michael Oliver, Business Manager at Barclays put together the funding package for the deal and said: “The funding package will move the business into the next phase of their growth and provide the right setting for the high end products they retail.

“It’s great to be able to support a local business that is thriving and expanding for the future and I’m also delighted that we could support this transaction for our new customers.”