Sheffield-based wholesaler Pricecheck has revealed that it is aiming to achieve a record turnover of £100m by 2020 and £200m by 2025 after developing its skincare, fragrance and alcohol offering to capitalise on expanding markets, both internationally and in the UK.
The company, which exports 4,500 FMCG products to 80 countries, has expanded its product range after signing new multi-million pound contracts with leading brands such as Johnson & Johnson, Coty and Lindt.
Pricecheck’s development has been supported by Lloyds Bank, which earlier this year increased its financing package to £14m to enable the business to invest in large volumes of stock for redistribution without impacting its working capital.
“Expanding into new markets and diversifying our product range provides us with every opportunity to reach our targets,” explained 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.”
NAM Implications:
- Apart from ringfencing their working capital…
- …the main issue will be in navigating complex deals that acknowledge and work around the presence of overseas distributors of these same brands…
- Given these restraints, all incremental business welcome…
