Gift and gadget retailer Gift Universe Group is set to expand after securing an eight-figure funding package from HSBC UK.
The business, which employs 30 staff at its Hull distribution centre, is a gadgets retailer and wholesaler, selling everything from drones to decanters.
Gift Universe will be using the funding from the bank to scale up the import of stock from across the world, particularly the Far East, by 20 per cent over the next 12 months.
Paul Kraftman, chairman and chief executive of Gift Universe Group, said: “The retail sector has undergone profound change since we launched the business 16 years ago. To react we’ve strived to increase not only the range of our customers but also how we reach them.”
The firm’s products are sold through gift brands RED5 and Menkind, which together have 80 high street outlets nationwide. It is also ramping up its presence on existing e-commerce platforms such as Amazon.
Mr Kraftman said: “With the bank’s financial backing we’re now ideally positioned to consolidate our position in the market, driving investment into new ideas and new practices.”
Gift Universe was established in 2002 by Paul Kraftman. The firm employs 1,200 staff and has 80 stores across the UK.