The online toy retailer will use the package from HSBC UK to increase staffing levels and its product range.
Online toy and games retailer BargainMax.co.uk has secured a seven-figure funding package from HSBC UK to support its ambitious growth plans.
According to TheBusinessDesk.com, the Manchester-based company will use the funding to increase its product range and stock by more than 60% in the next 12 months. The company has performed well since it was started and has experienced high levels of growth, especially in 2020 when it recorded a sales increase of 92% on the previous year. The funding will also be used for website development and to increase brand awareness via targeted social media campaigns.
The BusinessDesk.com reports that BargainMax.co.uk expects to increase its workforce this year in both its head office and warehouse.
Gigi Mechlowitz, managing director of BargainMax.co.uk, said: “Being an online-only retailer, we were well prepared when the pandemic started and could continue our two-to-four-day lead time on deliveries whilst experiencing a significant boost in demand.
“Online retail businesses have experienced a lot over the last 12 months, but we’re confident that our ambitious growth strategy will put us at the forefront of the toy sector.”
Zubayr Atcha, corporate relationship director at HSBC, said: “BargainMax.co.uk has grown rapidly, both domestically and in Europe, and, in the last year. This funding enables the business to build on its impressive track record and will stand it in good stead within the world of online retailing.”
BargainMax.co.uk offers more than 2,500 products for children up to 12 years, including brands such as Barbie, Lego, LOL Surprise and Paw Patrol. The funding was allocated from HSBC UK’s national SME Fund.