Seven-figure funding deal powers electrical retailer’s shift to bigger base
A Yorkshire electrical retailer has secured a seven-figure funding package from HSBC UK to move to larger premises in response to growing customer demand.
Crampton and Moore, a family-run seller of televisions and home appliances, has used funding from HSBC UK to acquire the 40,000 sq ft former JTF building in Catcliffe, South Yorkshire.
The business will use the site as a new office space, warehouse and large showroom for its expanding range of products.
The backing from HSBC UK has enabled the business to diversify its product range and deliver more efficient operations.
Crampton and Moore is also looking to improve its delivery and installation service for customers through the expansion of its delivery fleet.
Having experienced a boom in online sales during lockdown, the company has grown turnover 20% over the last two years and is now forecasting to double this in the next 24 months.
The business will also be hiring five more employees once the move to Catcliffe is complete and will continue to look to bring in more delivery drivers as part of its ongoing expansion plans.
Robert Moore, managing director, said: “The relocation of our operations marks a major milestone for the business and means we can now progress with our exciting plans for further growth and development.
“We’re grateful to HSBC UK for providing funding which helps us service the huge increases in product demand, whilst ensuring we retain our unique offering that combines the convenience of online shopping with our personal customer service.”
David Leonard, relationship director at HSBC UK, added: “We’re delighted to be funding the relocation of Crampton & Moore: a trusted family-run business which continues to put customers and the local market at the forefront of its plans.
“Having outgrown its existing premises, the business can now put its expansion strategy into practice, creating jobs for the South Yorkshire region.”
Established in 1966, Crampton & Moore is one of the largest independent electric retailers in the North of England with a large online operation and stores in Sheffield, Leeds and Harrogate.