An £85,000 funding boost, provided by Access Commercial Finance, has helped Peters, Huddersfield’ s only independent department store to revitalise its brand and refit its new premises.
As an independent, family run retailer, Peters faced unique challenges in trying to find the finance to help the store take a new direction. Founded in 1982, the store has been a mainstay of the retail landscape of West Yorkshire for decades, but its current owner, David Whittle, felt it was time to re-position and re-brand.
David says: “Our specialty was mid-range fashion, but nowadays that market is becoming more and more difficult – shoppers tend to be looking for either high-end fashion or inexpensive, everyday clothes. We needed to look for a way to fill a different gap in the market.”
David also felt it was time for Peters to move premises, as the building that it had leased since it opened needed some serious repairs and the surrounding streets were becoming less desirable. The department store was offered new premises, as the anchor in the new Pack Horse shopping centre in Huddersfield, which was another reason that it needed finance, for its fit-out.
Access Commercial Finance specialise in providing and sourcing funding deals for retail and leisure clients, sectors that can bring significant funding challenges.
David contacted Matt Haycox from Access Commercial Finance, who was keen to find out more about Peters and the way the store operated so that he could provide finance that was a good fit for its situation.
“Access Commercial Finance has kept an overview on our finance deal the whole time, which has really helped it to run smoothly.”
Matt says: “Arranging the right funding package for independent retailers can be complicated because each one has a very unique business model. In scenarios like this we always like to get to know the company as well as we can to make sure any finance is structured to suit its needs.”
After spending some time at Peters to see its day-to-day operations, Access provided £85,000 to ensure that the department store could implement its plans for the future.
Its new 20,000 sq ft store has been trading for a month, and includes a new restaurant, a massive selection of branded handbags and shoes, and a popular bargain department with most goods at around 70% less than the RRP.
The deal has also enabled Peters to reposition its offering, focusing on shoes, accessories and gifts, including big-brand names such as Radley and Moda in Pelle, which has met with an incredibly positive reaction.
David Whittle from Peters says:” I wouldn’t hesitate in recommending Access Commercial Finance to any business that needed funding. The personal touch that they applied has helped – they came and visited and saw how we ran the store and really got to know our business. It’s been a very intricate scheme and everybody involved was incredibly supportive.”
To find out if we can provide the finance to turn your plans and potential into profit, as we did for Peters, request a call back now.