A Sheffield wholesaler is opening a second warehouse - and has plans to hire 70 - after taking out a £7.5m loan.
Fast growing Pricecheck has rented a warehouse on Stevenson Road, Attercliffe, seven miles from its headquarters in Beighton. It will use some of the money to kit out the new site with forklifts, pallet racking and stock.
The news comes just days after the company won the High Growth Business Award at the Sheffield Business Awards.
In the UK, it supplies discount stores including Poundland, B&M and Home Bargains. It employs 130 and turnover is £74million, up more than a third on last year.
Bosses say it is on track to hit 200 staff and £100m turnover by 2020.
Lee Walker, finance director at Pricecheck, said: “With the new warehouse and finance from Lloyds Bank, we’re now in an excellent position to move forward with our growth plans, and to develop the firm to a scale that gives us a real competitive advantage in the market.
“Shoppers in the UK and abroad feel less stigma about buying from discount stores these days, a trend that’s supported our fast growth and one we expect to continue.
“Growing exports has been core to our strategy in the last few years too. Now, almost half of our revenue comes from overseas.”
Pricecheck sells to 75 countries in Europe, Africa, Asia, North America and Australasia.
It works predominantly in the health and beauty sector but also sells food, confectionery, drink, medicine and pet care.
The firm moved to Beighton from Brightside in February 2016, when it had 80 staff and revenues of £43.5million.
It was founded by the parents of joint managing directors, Mark Lythe & Debbie Harrison.
Mark Butterworth,of Lloyds Bank Commercial Banking, said: “It’s been exciting to see the rapid growth of Pricecheck in the last few years.
“The firm has capitalised on the growth of the discount sector and has established itself as a trusted trading partner for retailers around the world.”