HSBC choice for Mamas & Papas

The Huddersfield-based business has arranged a multi-million pound funding package with HSBC in a major win for "the world's local bank".

HSBC said yesterday the deal heralds the start of a new relationship which sees the baby-and-mother retail group move all its banking to the Leeds-based corporate team.

The bank added: "The new relationship will allow Mamas & Papas to invest in building its brand internationally, particularly through its expanding operations in Europe, the Middle East, Russia and Japan."

The company previously banked with Royal Bank of Scotland.

Jason Greenwood, the group finance director at Mamas & Papas, said: "The company aim is to become the world's favourite nursery brand and this partnership is central to the growing momentum."

He added: "As we enter a new decade and a new phase of growth we need a banking partner with the unrivalled international presence to support our global strategy, plus the 'on the ground' expertise to help us realise our ambitions – wherever and whenever we need to."

Mamas & Papas, which was established in 1981 by Italian entrepreneurs David and Luisa Scacchetti, now has a turnover in excess of 120m.