Pricecheck range boost aids growth
Wholesaler rolls out new category launches thanks to investment
An ambitious wholesaler has unleashed the latest part of its aggressive-growth strategy by increasing its product offerings.
Sheffield-based wholesaler, Pricecheck, is aiming to achieve a record turnover of £100m by 2020 and £200m by 2025 – and has developed its skincare, fine fragrance and alcohol ranges accordingly.
The new products – which were launched following substantial backing from Lloyds Bank Commercial Banking – currently exports 4,500 FMCG products to 80 countries worldwide, with the aim to increase its impact even further over the next six years.
Earlier this year, Lloyds Bank increased its financing package to £14m to enable the business to invest in large volumes of stock for redistribution without impacting its working capital. The investment has also led to the wholesaler securing partnerships with brands including Johnson & Johnson, Coty and Lindt.
“Expanding into new markets and diversifying our product range provides us with every opportunity to reach our targets,” explained Lee Walker, Finance Director at Pricecheck.
“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.”
Lloyds Bank has supported Pricecheck since its launch 40 years ago, during which time the company has invested in staff with several new recruitments, doubling its staff numbers to 165 and expanding warehouse capacity by 70%.
“Excellent management of its working capital has been essential to this growth, and it has maximised its investment in a low-risk way,” said Mark Butterworth, relationship director at Lloyds Bank.
“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.”
Lloyds Bank Commercial Banking Pricecheck