Dorking-based Gift Universe Group is focused on growth after agreeing a £14million funding package with the Royal Bank of Scotland consisting of working capital facilities and a term loan.
The funding is being used to support the company’s continued growth and expansion through its retail stores, Ecommerce channels and through its wholesale distribution to some of the UK’s top retail brands. In the last six years Gift Universe Group has experienced strong growth and more than doubled its turnover from £22million to £60million turnover and employs 750 staff.
Gift Universe Group, (formerly Menkind Group) is one of the UK’s leading and fastest growing operators in the gifts and gadgets industry. The company began trading as Menkind opening their first store in 2002 in The Chimes Shopping Centre in Uxbridge. Under the direction of Founder and Chief Executive Paul Kraftman, Gift Universe Group has grown organically and through the recent acquisitions of retail business RED5 and wholesaler The Source in August 2015 which were also funded by the Royal Bank of Scotland. Brands under the business include Menkind, RED5, The Source and Gadget Grotto.
Paul Kraftman, Chief Executive Gift Universe Group said: “Over the years we have experienced rapid organic growth by expanding our store network as well as introducing our own brand products which now number over 400 items and contributed to our increased profitability. This and the acquisition of RED5 and The Source have seen the business grow into one of the leading names in the UK gift and gadget sector. The Royal Bank of Scotland have been a long supporter of our business and this latest injection of funding will assist our continued growth as we look to build upon our impressive turnover results and expand our product range and retail network. The Corporate Transactions team have been very supportive and understand the seasonal nature of our business which is very important to me.”
Royal Bank of Scotland was represented by Kenny Hughes, David Berkers, James Lowe and Robert Laurie. Kenny Hughes, Director, Corporate Transactions team at the Royal Bank of Scotland said: “Gift Universe Group is a growing and profitable business and we are delighted to demonstrate the bank’s continued confidence with this latest funding package. The gifts and gadgets sector is a niche area and one in which Gift Universe Group are leading the way due to the team’s extensive retail and market experience. This is an exciting period of growth for the business and we are very pleased to assist them.”