Online book retailer expanding following bank’s seven-figure funding package
A Lancashire online retailer has secured a funding package of more than £1m from HSBC UK to acquire new premises as part of relocation and expansion plans in 2021.
Rossendale-based WeBuyBooks, established in 2007, has received funding from HSBC UK to acquire the 120,000 sq ft Lambert Mill in Rawtenstall.
The online retailer is one of the leading book recyclers in the UK and specialises in buying and selling used books to its customers.
Over the course of the next six months, WeBuyBooks’ 170 staff will be relocating from its existing base in Waterfoot to the new headquarters, once the extensive renovation has been completed.
The Grade II-listed Lambert Mill is three times larger than the company’s existing facilities and this move will increase warehouse space by 300%.
The business is looking to grow its workforce by 15% in 2021, to support its growing customer base in the US, European and Australian markets.
WeBuyBooks has experienced significant growth through an app development which allows customers to scan the barcode of books and receive an instant valuation for the item of purchase.
Managing director, Mike Lane, said: “The backing from HSBC UK has ensured that we are in a position to purchase the new premises.
“Once we have relocated to the new site and are fully operational, we can continue to grow our customers base throughout the UK and overseas.”
Simon Copeland, relationship manager for HSBC UK, said: “We are pleased to be supporting the WeBuyBooks team as they bolster their expansion plans and progress with an ambitious international growth strategy over the next five years.”