PK & Sons purchases Sunderland store with six-figure HSBC funding
A North East convenience store operator has purchased its second site after securing a £184k loan.
PK & Sons, which received the loan from HSBC UK, has acquired a 1,000 sq. ft. store at 1 Grey Terrace in Ryhope, Sunderland, with plans to fully refurbish before the end of this year.
The store, T&N New Food & Wine, has been the only shop open in the area during the Covid-19 crisis.
The business already operates a convenience store in Darlington and currently employs 15 staff across both stores. It hopes to add a third shop to its portfolio in the North East within the next two years.
Amarbir Singh Randhawa, owner of PK & Sons, commented: “HSBC UK showed a great deal of enthusiasm for our plans to grow the business with the purchase of the Ryhope store.
“We want to keep growing and HSBC’s retail and business expertise was extremely helpful.
“The local community is depending on us right now and our staff are rallying to keep the store open to the public at this difficult time.”
David Slane, area director for the North East at HSBC UK, added: “HSBC UK is delighted to support another small and medium enterprise in the North East.
“The business has a strong track record and we are pleased they were able to open at a time when the community needs supplies.”
The finance was allocated from HSBC UK’s national small and medium enterprise (SME) Fund, which aims to actively support UK businesses realise their ambitions for growth and navigate Brexit.
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