Harrogate-based wholesaler and retailer, High Street TV (Group) Ltd has today announced new funding of over £5million to support future growth plans. The deal heralds the start of a new banking relationship with HSBC?s Commercial Banking Team in Leeds.
The tailored funding package, as led by Senior International Commercial Manager Simon Bates at HSBC in Leeds, provides financial support to the business for its high growth strategy and includes trade finance, invoice finance and foreign exchange facilities.
The business is starting to enter new markets and is in the early stages of trading with the US, with plans to target further markets once the US operations are fully established. The finance from HSBC will also support High Street TV?s stock purchases, most notably imports from Asia.
High Street TV specialises in the sale of health and fitness equipment along with homewares, clothing and beauty products. The company sells its products both direct to consumers and through over 30 retail partners which feature products on High Street TV?s branded displays and catalogue listings. High Street TV has products stocked in high street stores including Boots, BHS, Argos and Asda.
Jim Coleman, chief executive of High Street TV said:
We are planning for expected rapid growth and for this reason we chose HSBC as our banking partner as their expertise will help us to achieve our business development plans. The facilities made available by HSBC, together with additional equity, will provide a structured means to drive the business forward. Our focus is on diversifying our product range and broadening our retail partner base.
Mike Hemingway, HSBC Area Commercial Director for Leeds and Bradford said:
We are looking forward to supporting High Street TV as their banking partner as they pursue and achieve their high growth strategy. High Street TV is a great example of a dynamic and focused business pursuing growth opportunities despite the challenges that many businesses in the retail sector are currently facing. At a time when consumer confidence is low, it?s refreshing and encouraging to see a local company going from strength to strength.
With international trade being the key to future UK growth, HSBC launched a multi-billion fund, earlier this year, specifically to provide lending for businesses that trade or aspire to trade with other businesses across the globe. The £4 billion ?International SME Fund?, which supports businesses with a turnover of up to £25 million, proved very popular and was fully utilised by September. HSBC recently announced that it was committed to providing an additional £1 billion of lending available through the fund.
Currently High Street TV employs around 60 people and is aiming to significantly increase its turnover in the next year. With over 28 million web visitors and products that span 35 million catalogue pages, High Street TV also features in over 2,200 locations across 30 retailers.