Wholesale Domestic, a third-generation family business headquartered in Glasgow, has consolidated its resources after securing a £4.2m loan.
In addition to its online store, the bathroom retailer has four sites across Scotland, employing 100 people.
The consolidation comes after chief executive Brian Toward’s next generation purchase in 2021 and is now supported by a more flexible financing structure provided by Barclays.
Wholesale Domestic has steadily increased turnover in recent years, with the figure likely to reach £19m in the current financial year, with further growth anticipated in 2023 - its 60th anniversary year.
Toward said: “Under our new financial structure we have already seen increased growth, which we hope will continue into 2023 and beyond.
“Our national growth strategy will enable Wholesale Domestic to compete at a UK national level, opening doors to new opportunities.
“Barclays’ local presence in Glasgow has been a key investment in the city and was crucial in our decision to select them as our long-term banking partner.“
The deal team was led by Alistair Stewart, relationship director at Barclays, with legal support from David Beveridge, managing director at MacDonald Henderson.
Jamie Grant, managing director of Barclays Corporate Banking in Scotland, added: “Right now, financial consolidation makes sense, and having more flexibility is key for businesses to sustain growth.
“Wholesale Domestic is a well-known Scottish family business which has worked hard to achieve growth during a precarious time for retailers.”
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