The Manchester-based online toy and games retailer, BargainMax.co.uk has secured a seven-figure funding package from HSBC UK to support its ‘ambitious growth plans’ over the coming year.
BargainMax has said it will use the funding to increase its product range and stock by over 60 per cent in the next 12 months. The expansion of the business follows consistent successful performance since the company launched to the scene, as well as high levels of growth over the last year in particular.
The HSBC UK funding will also be used to increase brand awareness via targeted social media campaigns and support ongoing website development.
The expansion means the business is anticipating a staff increase this year in both its Manchester head office and warehouse.
Gigi Mechlowitz, managing director of BargainMax.co.uk, said: “Being an online-only retailer, we were well-prepared when the pandemic started and could continue our two-to-four-day lead time on deliveries whilst experiencing a significant boost in demand. We will continue to deliver this quality of service through investments in new products and e-commerce solutions.
“Online retail businesses have experienced a lot over the last 12 months but we’re confident that our ambitious growth strategy will put us at the forefront of the toy sector.”
Zubayr Atcha, corporate relationship director at HSBC, said: “BargainMax.co.uk has grown rapidly both domestically and in Europe and, in the last year. This funding enables the business to build on its impressive track record and will stand it in good stead within the world of online retailing.”
BargainMax.co.uk currently offers over 2500 products for children aged 0 to 12, including recognised brands such as Barbie, Lego, LOL Surprise & Paw Patrol.
The funding was allocated from HSBC UK’s national SME Fund, part of its commitment to help British businesses innovate and grow as the country looks to rebound from the Covid-19 health crisis. The new £15 billion SME Fund has been announced by HSBC UK.