A Huddersfield builders merchant has purchased larger premises and plans to hire more staff with support of a £765,000 finance package from Lloyds Bank Commercial Banking.
JTD Building Supplies has bought a two-acre site on New Mill Road, Brockholes Holmfirth, where it is building an 11,000 sq ft facility to sell goods to trade customers, DIY enthusiasts and construction firms.
The £1.2 million store is set to open in the first quarter of 2018, and will be almost four times the size of the business’ current 22,000 sq ft space, which it leases at Meltham Mills Industrial Estate.
The firm is expecting more custom to come via passing trade in its new location and aims to double its nine-strong workforce within 12 months of moving into the new premises.
JTD Building Supplies has achieved revenue of £2.75 million per annum after six years of trading to construction firms and the public. It expects to increase this to more than £3 million per annum by the end of the year.
Tony Sharkey, managing director at JTD, said: “Our site at Meltham Mills has served us well since we formed in 2011, but we’ve outgrown the unit and require an outside yard, which the new site will accommodate.
“We’re building a new store to our exact specifications. The new site is located on a main road, which is a more prominent location for us. We expect this to help grow our business further.
“Building a new premises can be a complex process, but the team at Lloyds Bank has always been on hand to provide guidance on how we can manage our cashflow while investing in growth.”
Ben Cutts, relationship director at Lloyds Bank, said: “Yorkshire’s regional PMI index is showing some of the quickest rises in job creation seen over the last two years.
“This is partly down to ambitious firms like JTD, who are being proactive in finding ways to expand and grow their businesses.
“Lloyds Bank is committed to helping companies like JTD, which is why we’ve increased our net lending to SMEs by 31 per cent since 2011 – a key element of Lloyds Banking Group’s commitment to helping Britain prosper.”