Sheffield wholesaler Pricecheck has developed its offering in skincare, fine fragrance and alcohol to capitalise on expanding markets both internationally and in the UK, with the support of Lloyds Bank Commercial Banking.
Growth in these categories is expected to help Pricecheck, which supplies 4,500 FMCG products to 80 countries worldwide, to reach its target of achieving a record £100 million turnover by 2020 and £200 million by 2025.
In order to facilitate the product expansion, the distributor has recently secured partnerships with major brands including Johnson & Johnson, Coty and Lindt.
Pricecheck has achieved fast revenue growth in recent years, with working capital support provided by Lloyds Bank.
In 2019, Lloyds Bank increased its financing package to £14 million to enable the business to invest in large volumes of stock for redistribution without impacting its working capital. This has helped the company to secure a number of new multi-million-pound contracts with major European brand owners.
“Expanding into new markets and diversifying our product range provides us with every opportunity to reach our targets,” said Lee Walker, Finance Director at Pricecheck.
“While expanding is important to us, it can be a capital-intensive exercise that requires us to purchase large amounts of stock.
“Large contract wins and brand partnerships can also be unpredictable in their timing, so flexible financial support is extremely important.
“It’s crucial for us to have the backing of Lloyds Bank, which allows us to expand at pace without harming our day-to-day finances.”
Mark Butterworth, Relationship Director at Lloyds Bank, added: “We’ve been at the side of Pricecheck since inception over 40 years ago and seen it flourish financially in recent years, doubling staff numbers to 165 and expanding warehouse capacity by 70%.
“Excellent management of its working capital has been essential to this growth, and it has maximised its investment in a low-risk way. This has resulted in burgeoning order books and accelerated job creation.”