Lincoln-based Fox Electrical Supplies has tripled the size of its operations following completion of its new warehouse, after securing a six-figure funding deal from NatWest.
The family-run firm has used a business loan from the bank to support the construction and fit-out of the new, purpose-built unit on Allenby Industrial Estate, which opened to trade customers earlier this year.
The move follows growing customer demand for the firm’s electrical and lighting products, leading to an increase in staff numbers. It now has 14 employees and is anticipating further recruitment in the coming year.
Fox Electrical Supplies purchased the land in Spring 2018 and spent nine months constructing the space which now features a fit-for-purpose trade counter, showroom, office space and storage, as well as ample car parking facilities for customers.
Founded in 2006 by Stewart Fox with just three members of staff, Fox Electrical Supplies has grown to become a major distributor of electrical products throughout Lincolnshire and the East Midlands. As a result of the expansion, the business is expected to achieve an anticipated increase in turnover of around 20% this year.
Stewart Fox said: “Since launching the business over 12 years ago, we’ve grown considerably, and our old retail space was simply no longer big enough to accommodate an increase in customers and also our growing team. We’re really pleased with the new premises and the funding from NatWest has enabled us to create a space which will serve us well over the coming years, as we look to offer the best electrical supply services to our customers in Lincolnshire and across the East Midlands.”
Nick Sampson, Relationship Manager NatWest said: “Under the leadership of Stewart, Fox Electrical Supplies has gone from strength to strength. The funding we have provided will enable the business to continue growing and we look forward to supporting them further in the future.”