A Newport-based family-run oriental food business is gearing up to expand its current site with the support of a seven-figure funding package from HSBC UK.
This funding enables Kwan Yick to extend into the remaining units at its current location. Kwan Yick has outgrown the premises due to its remarkable growth, seeing a 28% increase in turnover over the past 5 years.
By opting to expand on-site, the company avoids the disruption and costs associated with relocation while also securing the retention of its valuable employee base, which is essential for the business’s continued success.
As a result of the expansion, Kwan Yick will benefit from improved efficiency thanks to the larger space, which will accommodate additional team members and increased stock levels. It has extended its procurement team by two members and is in the process of recruiting an additional member of the sales team.
Daniel Wo, Director at Kwan Yick, said: “Thanks to the support from HSBC UK, we can continue the legacy and growth of our family business, which has been serving our customers since 1982. We look forward to expanding our product range and collaborating with esteemed brands to continue delivering high-quality products to our valued customers all across the UK and Ireland”.
Lyndsey Connor, Relationship Director at HSBC UK, added: “HSBC UK were delighted to support Kwan Yick in achieving this huge milestone, becoming owners of their current premises together with the surrounding units at this site, this strategic move will unlock the next phase of growth for Kwan Yick, driving their advancement through this key expansion opportunity.
