YESSS creates 500 new jobs in first year

YESSS electrical has created 500 new jobs and is on track to deliver annual sales of over £80m in its first year of UK trading.

The electrical wholesale business, which moved into its new headquarters in West Yorkshire last year, has had support from a £12m invoice finance facility from Lloyds TSB Commercial Finance to help it’s growth plans.

YESSS, which trades as part of the wider YESSS Group, with 450 stores across Europe and a team of 3,100 people, plans to have 80 branches open throughout the UK by the end of 2013 and intends to create 2,500 jobs nationally as its branch network grows to 300 stores.

To assist with its ambitious growth plans, Lloyds TSB Commercial Finance provided YESSS with an invoice finance facility.

Andy Singleton, director and general manager for YESSS distribution Europe, said: “We have ambitious plans to grow the business and we plan to build on a successful first year by opening another 50 stores across the UK by the end of 2013.

“The funding from Lloyds Banking Group has been key because it has meant the volume of sales has not impacted our expansion strategy or affected cashflow.”

Business development director at Lloyds TSB Commercial Finance, Peter Rothery, said that the funding is a “great example” of how invoice finance can release working capital to support rapid expansion plans like these.

Relationship director at Lloyds Bank Commercial Banking, Andy Dunlop, said: “YESSS is a great example of a UK mid-market business that is generating new jobs and growth in what has been a challenging economic climate.

“Businesses such as this are fundamental contributors in our continuing economic recovery and Lloyds Bank is committed to working with them to provide the backing they need to drive growth and development.”

YESSS has taken a 10 year FRI lease of property group Valad’s 64,904 sq ft warehouse in Normanton fronting the M62 motorway at a headline rent equating to £ 4.35 per sq ft per annum.

Industrial agency specialists, Gent Visick, acted jointly with Jones Lang LaSalle on behalf of Valad’s Equity Partnerships Osprey Fund while YESSS were advised by O Holt.

YESSS said its new headquarters will provide an “excellent base” for its UK operations.

Helen Macrow of Valad said: “We were delighted to agree terms for the letting of this prominent unit to YESSS and it is a significant win for Wakefield in securing the headquarters of this exciting new venture.”