Bazaar Group, the Northumberland-based market-leading furniture manufacturer and ecommerce retailer in the soft seating category has secured funding to further support its European operation.
HSBC has provided the Bazaar Group with a debt funding package which will pave the way for European expansion and support its ambitious growth plan.
The Bazaar Group under the stewardship of CEO Mark Dolder initiated the first phase of its expansion programme in 2021 when he secured a £10m majority share investment from Comhar Capital. Since then, this partnership has developed and implemented an exciting growth plan which incorporates an aggressive European expansion project.
The first step in Bazaar’s European expansion has been secured with a long-term lease of a Hamburg-based manufacturing and distribution hub. This will be focused upon meeting the rising demand from its European customer base. The 35,000 square foot unit (Over 3250m2) will provide a highly effective fulfilment operation allowing the company to access a market of 165 million within a 48-hour delivery window.
Mark Dolder, Bazaar Group CEO, commented: “This is another exciting phase for the Bazaar Group. Our initial partnership with Comhar Capital fuelled our ambitions and gave us confidence to grow the business. The European expansion project, with the added support from HSBC, is a significant step in consolidating our position in the European market.”
Commenting on the company’s refinancing package, Mark Short, Chief Finance Officer said: “Having recently joined the business, I am really pleased to have secured this support from HSBC for our European expansion plan. I am very much looking forward to working closely with Comhar and the team at HSBC as we deliver on the business’s commercial goals.”
Craig Wilkinson, Managing Director of Comhar Capital, said: “Since investing in the business, we have been working closely with Mark and the Bazaar Group team to develop an accelerated growth plan. Our new partner, HSBC, adds a new dimension to the business and supports Bazaar’s European plans, a key growth pillar for the business.”
Established in 2005 the Bazaar Group continues to operate from its headquarters in Cramlington, Northumberland. The Group has grown steadily over the past 17 years and consistently ranks as a top performer on large ecommerce platforms such as Amazon, eBay and Wayfair.