Sheffield guitar retailer turns up growth plans with £600k HSBC loan

Rich Tone Music, the Sheffield-based independent musical instrument retailer, expects to increase its turnover by 60% after securing a £600k commercial loan from HSBC.

Established in 2004, the retailer, based in Broadfield Road, stocks a range of more than 3,000 guitars, as well as basses, amps, accessories and other related equipment.

The funding provided by HSBC will allow Rich Tone Music to expand its offering in-store, including a new drum department, DJ, home recording and hi-tech section along with a piano showroom.

Having recently invested in its online infrastructure, the business is now enhancing its product stock both online and in store including well-known brands: Fender, Gibson and Yamaha, using the commercial loan from HSBC.

Rich Tone Music is also using the funding to create a brand new website, which will launch October 2017.

Jo Dickinson, HSBC’s area director of West and South Yorkshire, said: “Rich Tone Music is a great example of the type of dynamic business we are delighted to support.

“Investing capital in stock is a really essential part of Rich Tone’s business as it looks to enhance its online offer and our loan will help them to achieve their growth targets.”

Richard Thomas, director of Rich Tone, added: “The success of our online business alongside our well-established store in Sheffield is providing us with major opportunities for future growth and it was vital that we were prepared to respond to this with the right product availability.

“The investment from HSBC is literally allowing us to play to our strengths. We already have the knowledge and are renowned in Sheffield as the one stop shop, and now we are opening this up across the country for guitar enthusiasts.”

James Ferguson, director of Rich Tone, also commented: “In a time where investment from banks is seen to be more difficult to achieve HSBC have proved to be a willing and supportive partner in helping us achieve our goals.

“We have enjoyed strong growth due to our investment in people and our focus on improving the customer experience both online and in store. We look forward to the launch of our new website and the many exciting developments we have planned for our business in the coming months.”

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