Cycling firm to create 16 jobs after seven-figure funding deal
Sigma Sports, the cycling retailer, has opened a new distribution centre in Grantham, Lincolnshire after landing a seven-figure funding deal from HSBC.
The 30,000 sq ft warehouse will be used for Sigma Sports’ distribution of clothing, accessories and nutrition products. Sigma Sports says it is looking to grow the business as well as completely refurbish the warehouse which was formerly used to store sugar.
The renovations include 15,000 sq ft of racking, the complete rewiring of the building and the installation of staff showers to encourage cycling to work. When complete, Sigma Sports expects that the larger, more efficient warehouse will give them the capacity needed to continue growing online sales at around 50% each year and create 16 new jobs.
Ian Whittingham, managing director of Sigma Sports, said: “Our online retail offer is more than a shop – it’s a place for cyclists to learn about the latest trends, technology and stories surrounding the sport. It’s an approach which is creating huge demand from our customers both in store and online. Our new warehouse will enable us to match this demand, ensuring we can continue to deliver exceptional service for our customers. HSBC’s continued support over the past 10 years has helped us to keep up with the wave of growth cycling is seeing.”
Roger Pratt, HSBC Area Director for the East Midlands, said: “Cycling has seen such a boom since 2008 and the online market continues to soar. Sigma Sports’ new warehouse is well connected to vital transport networks and will enable the business to continue to push its online business forward. HSBC is committed to helping British businesses realise their ambitions and we’re thrilled to have supported Sigma Sport in opening its new distribution centre and look forward to tracking their further growth in the coming years.”
The HSBC funding was arranged by relationship director Richard Parker.
