Wholesaler targets £200m revenues with bank support
Sheffield wholesaler Pricecheck is moving to enter new sectors including skincare, fragrance and alcohol in order to capitalise on growing international and domestic markets.
Read time: 5 mins Added: 03/05/2019
Sheffield-based Pricecheck, which already supplies 4,500 FMCG products to customers in 80 countries worldwide, says the move will support its aim of achieving £100m turnover by 2020 and £200m by 2025.
It has now secured partnerships with world leading brands including Johnson & Johnson, Coty and Lindt.
Flicking the switch on expansion
Pricecheck, which counts some of the UK and Europe's biggest retailers among its customers, has achieved rapid revenue growth in recent years, with working capital support provided by Lloyds Bank.
In 2019, Lloyds Bank increased its financing package to £14m to enable Pricecheck to invest in large volumes of stock for redistribution without impacting its working capital.
This has helped the company to secure a number of new multimillion-pound contracts with major European brand owners.
"Expanding into new markets and diversifying our product range provides us with every opportunity to reach our targets."
Lee Walker, finance director, Pricecheck
Lee Walker said: "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."
"Excellent management of working capital has been essential to Pricecheck's growth. It has maximised its investment in a low-risk way."
Mark Butterworth, relationship director, Lloyds Bank Commercial Banking
Powering growth with specialist support
Mark Butterworth added: "We've been at the side of Pricecheck since inception over 40 years ago and seen it flourish financially in recent years.
"This has resulted in burgeoning order books and accelerated job creation.
"We're proud to support businesses like Pricecheck as part of our strategy to help Britain prosper."
Pricecheck's ongoing growth has seen it double staff numbers to 165 and expand its warehouse capacity by 70%.
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