Retailer expands thanks to cash injection
FASHION retailer Love Forever Midlands has acquired its first warehouse thanks to a funding boost.
The Sheffield headquartered business, which has a turnover of £1.7m, has benefitted from the Government-backed ‘Funding for Lending’ scheme with funding from Barclays to help it move forward with its expansion plans.
Love Forever Midlands started life in 2009 as a market stall in Stockton on Tees, selling ladies fashion jewellery and accessories. It now has 17 shops across the North of England and the funding will also help with the launch of a new website.
The new warehouse is based in Middlesbrough.
Shanxue Szeto, owner of Love Forever Midlands, said: “Purchasing the new warehouse at Middlesbrough is a major step forward in the business growth strategy and will allow us to expand the lines we stock and negotiate better deals when buying stock.
“It’s also great that we’ve been able to use the Government-backed funding for lending scheme with the cashback deal – this will provide a good capital injection giving us more flexibility as we grow.”
Chris North, senior business banking manager at Barclays, said: “It’s great to see Shanxue bucking the retail trend with her expansion plans and growing despite the current economic climate.
“By participating in the Government-backed Funding For Lending scheme, Barclays has been able to pass on the whole benefit we derive to Shanxue and we are optimistic that other customers will take advantage of this cheap time to borrow and make the investment decisions that they have been putting off. ”
Love Forever Midlands currently employ 84 staff and hopes to create further jobs with the new warehouse.