Company Shop, which is headquartered in Barnsley, has opened a new 10,000 sq ft store in Washington, Newcastle, with the support of a seven-figure funding package from Lloyds Bank Commercial Banking.
The move is part of the firm’s plans to double the number of sites it has across the UK. It’s set to open five new superstores over the next two years. It plans to open stores in Hull, the East Midlands and the West Midlands.
The business buys and sells surplus stock from retailers and manufacturers, which would have otherwise gone to waste, passing on significant discounts to its members.
Lloyds Bank provided a £4.2m funding package drawn from its Clean Growth Financing Initiative to support the firm’s plans to expand its network of stores.
The £2bn scheme was launched in May this year and offers discounted finance to clients investing in a more sustainable future.
John Marren, founder and chairman of Company Shop, said: “Over the next three years, we anticipate our increasing network of stores will help us to save over 100 million units of perfectly good products from going to waste each year.
“This will support retailers and manufacturers to reach their sustainability targets while ensuring products are made available for people to use as originally intended.”