Kids Playstore will be looking to increase its turnover from £1.5 million to £20 million within the next three to five years after securing investment from the Co-operative Bank.
The online retailer will use the undisclosed sum to import white label goods from China which it will brand with the Kids Playstore logo.
The business made its mark by selling branded indoor and outdoor toys from the likes of Lego, Little Tikes, Kidkraft and Plum Products.
Managing director Rob Rawlinson said: “On branded products you get very low profit margins. If we look at what a lot of retailers are doing with their ‘basic’ or own brand lines it’s obvious that making and selling your own product is a way to improve profit margins and develop a unique customer proposition. So we came to the Co-operative Bank and asked if they would support us to import products and brand them ourselves.
“I had a business plan and had done my diligence when I went to see Lee Partridge our manager at the bank and the process has been absolutely perfect. Lee was fantastic from first conversation to getting the loan and the whole process took just 22 days from start to finish.”
Relationship manager for The Co-operative Bank, Lee Partridge, said: “Kids Playstore has ambitious plans to develop the business and I’m pleased we’ve been able to support their growth. The bank has worked with Mr Rawlinson on a number of previous occasions and I look forward to continuing to do so.”
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