Seven-figure funding helps insulation distributor expand
Following a period of significant growth, an insulation distributor headquartered in Sheffield has strengthened its expansion plans after receiving a seven-figure funding package from HSBC UK.
Galaxy Insulation, established in 2009, is an independently owned insulation supplier that stocks suppliers like Kingspan, Rockwool and Ravago with insulation and dry lining products.
It has seven branches across the UK and the funding from HSBC UK has ensured it could open an eighth branch in Bedford on 1 October to support its vision to work with customers across the country.
At the start of the COVID-19 outbreak the company furloughed some of its staff and turnover dropped initially. However, the business quickly recovered due to achieving record sales in the following months.
It currently has 160 employees across its seven branches, with plans to increase this figure to 200 by the end of the year after the opening of the Bedford branch.
Due to continued growth and with backing from HSBC UK, the business plans to open a ninth branch in the North East in early 2021.
Richard Walker, group operations director, Galaxy Insulation, said: “After a period of record-breaking results for the business, we are now in a strong position to continue with our plans to expand, open new branches and grow the Galaxy Insulation team.
“The funding from HSBC UK has been crucial in supporting us in achieving our vision to create the complete insulation solution for all our clients around the country.”
Lee Manterfield, corporate director, HSBC UK, said: “Galaxy Insulation has established itself as a well-respected name in the UK insulation and dry lining industry and we’re happy to support the future of the business throughout these unprecedented times.
“We look forward to seeing the business continuing to grow as more employees are brought into the team and additional branches are opened in the next six months.”
Galaxy Insulation was first established in 2009, with warehouses situated in Sheffield and Leeds, but following the success of these two branches, it opened a North West site at Haydock in September 2016.
Ever since, it has continued to grow and expand its business through opening a Birmingham branch in April 2017 as well as a West Bromwich branch in spring 2020, as well as two new branches across London.