£11m trade store completes for Stax
MANCHESTER-based Stax Trade Centres has completed the development of a new £11m store in Worsley, creating up to 30 new jobs.
The new 100,000 sq ft trade centre will replace the existing 53,000 sq ft Manchester store, with all staff transferring to the new site directly opposite on the Wardley Industrial Estate in early September 2009.
Mr Hibbert said: “We’re delighted that the new site will create some 30 news jobs at a time when the sector is facing extremely challenging times.
“In addition, our philosophy has always been to support the independent retail sector to succeed in their businesses through continually reviewing our ranges, stockholding and prices to ensure we give them the means to compete effectively in the marketplace. The completion of our largest facility to date will allow us to do so with renewed vigour.”
The development was supported by £6.5m of funding from HSBC Corporate Banking’s North West team. The transaction was led by Darren Vescovi, along with Steve Sherratt, senior corporate banking manager at HSBC in Manchester.
Mr Hibbert and Eddie Brady led a management buyout of the company in 1986 and since then the business has grown from one site and 30 staff to four trade retail premises in Manchester, Leeds, Birmingham and Bristol, with 500 staff.
