Skopes wins new funding to expand store portfolio
Skopes, the Leeds based menswear retailer, is to expand its store portfolio with the help of a £6 million funding package from HSBC UK.
The family run company is planning to open 15 new stores across the UK over the next two to three years to add to its online offering, multiple department store concessions and existing stores at Westfield London, Junction 32 and Sheffield’s Meadowhall.
Simon Cope, owner and managing director of Skopes, said: “2018 was a big year for us. Seventy years after the business was founded by my grandfather, Sydney Cope, we completely re-branded and the energy this brought propelled our growth forward. While cultivating a strong digital following is key for us, we believe bricks and mortar stores still have a hugely relevant role in the retail landscape.”
The move will result in 200 new jobs being created for people working in retail, warehouse and office roles.
If successful, the expansion is expected to increase the company’s turnover from £30 million to around £60 to £70 million over the next three to five years.
The funding package will also enable the business to strengthen its import channels from China, Bangladesh and Europe and increase its online marketing activity.
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