Online retailer secures seven-figure funding package

A York-based online retailer of business, household and specialist product has secured a seven-figure funding package to support its expansion plans.

Monster Group, which deals with items such as garage shelving, is planning to rapidly expand in Europe.

The business, which was established in 2007 by entrepreneur Rana Harvey, has enjoyed significant growth over the past decade and now trades nationally and internationally from premises in York and Scunthorpe. It offers businesses and consumers a comprehensive catalogue of products, from kitchen and gardening items to commercial cleaning equipment, via its dedicated MonsterShop website and various online marketplaces.

With the support of HSBC UK’s international trade finance facilities, Monster Group is driving forward with a sales expansion programme in Europe, focusing specifically on France, Germany, Spain, Italy & the Netherlands. The business plans to increase the range and quantity of its stock – which is mainly imported from the Far East – by up to 110 per cent.

The business expects to increase turnover by 40% and create six new jobs in the next 12 months.

Rana Harvey, Managing Director of Monster Group, said: “We’ve been steadily growing our sales in Europe for a number of years and invested heavily in our distribution operations. This, coupled with HSBC UK’s backing, means we’re in an ideal position to dramatically ramp up our offer to customers in Europe. Monster Group is an international business and it is encouraging to share the same values with our bank.”

Stephen Smith, HSBC UK’s Relationship Manager for North & West Yorkshire, said: “We have worked with Monster Group for over a decade and seen it grow from a small start-up to the booming business it is today, so we’re delighted to be able to support the next stage in the company’s expansion. We look forward to seeing the business grow and successfully trade both nationally and internationally.”

The deal was part of HSBC UK’s £12 billion lending fund to support SMEs in the UK, with £1.05 billion committed to businesses in Yorkshire.

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