Monster Group UK, the fast growing online retail business founded by former chemist Rana Harvey, is planning to create 50 new jobs over the next five years after acquiring new premises.
The company has purchased a 19,000 sq ft facility in Sherriff Hutton, five times larger than its existing site, and will relocate in early March.
HSBC’s North Yorkshire Commercial Centre has supported the move through a six figure finance package in a deal led by International Commercial Manager Tom Sikora.
The company expects the move to help drive its growth plans, which include increasing turnover from £2.5 million to £12.5 million within five years.
It also plans to increase employee numbers from 16 to approximately 65 over the same period.
Monster Group was founded by Rana, a chemist who had previously worked for the Dionex Corporation, in 2007 after she attempted to buy a mannequin to display clothes she wished to sell, but could only find expensive or poorly constructed versions.
She began sourcing mannequins from Europe and the Far East and launched Monster Retail, which now also includes shop fixtures and fittings.
Rana has developed the business over the past seven years and the Monster Group UK now encompasses five divisions: Monster Retail; Monster Racking, supplying warehouse, garage and van shelving; Monster Doodle, providing graphic equipment to the signage industry under her own exclusive PixMax brand, and Monster Chef, which specialises in commercial and domestic kitchen equipment, including its own kuKoo brand.
In addition to the domestic market, Monster Group UK distributes its products overseas, particularly to mainland Europe through its Monster Racking brand.
It is targeting growth in the US and will start accepting US Dollar payments for Monster Doodle products, as well as commencing sales via Amazon’s international sites.
Managing director Rana Harvey said:
“We have an exciting growth plan for the business and the increased capacity our new site offers is key to that.
“Our growth has never been constrained by demand, it’s been constrained by our warehousing capacity.”
“I like to spot opportunities for new markets and I envisage Monster launching one or two different brands a year, focusing on new sectors.
“We have concentrated on establishing a robust infrastructure for the business, which means it is now easily scalable. We are very good at focusing on entry level products that offer value for money and that will continue to be our strategy.”
Andy Follington, HSBC area commercial director for North Yorkshire, said:
“Rana is a young entrepreneur who has the drive and tenacity to succeed. She is always looking at ways to develop and progress her business, adopting the latest online marketing techniques to grow sales.
“We are pleased to have supported this move, which marks an exciting step in the development of Monster Group UK.”