Online business retailer in York bags seven-figure funding from HSBC UK
Monster Group (UK), a York-based online retailer of business, household and specialist products, is expanding in Europe after securing a seven-figure funding package from HSBC UK.
The business, which was established in 2007 by entrepreneur Rana Harvey, has enjoyed significant growth over the past decade and now trades nationally and internationally from premises in York and Scunthorpe.
It offers businesses and consumers various products, from kitchen and gardening items to commercial cleaning equipment, via its MonsterShop website and online marketplaces.
Stephen Smith, HSBC UK’s relationship manager for North & West Yorkshire, said: “We have worked with Monster Group for over a decade and seen it grow from a small startup to the booming business it is today, so we’re delighted to be able to support the next stage in the company’s expansion.
“We look forward to seeing the business grow and successfully trade both nationally and internationally.”
With the support of HSBC UK’s international trade finance facilities, Monster Group is driving forward with a sales expansion programme in Europe, focusing specifically on France, Germany, Spain, Italy and the Netherlands.
The business plans to increase the range and quantity of its stock - which is mainly imported from the Far East - by up to 110 per cent. As well as this, it also plans to increase turnover by 40 per cent and create six new jobs within the next year.
Rana Harvey, managing director of Monster Group, concluded: “We’ve been steadily growing our sales in Europe for a number of years and invested heavily in our distribution operations.
“This, coupled with HSBC UK’s backing, means we’re in an ideal position to dramatically ramp up our offer to customers in Europe. Monster Group is an international business and it is encouraging to share the same values with our bank.”
The deal was part of HSBC UK’s £12bn lending fund to support SMEs in the UK, with £1.05bn committed to businesses in the region.
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