Sealing the deal: BEAR coffee shop opens site following HSBC UK deal
Inspiration
Independent brunch and coffee brand, BEAR, has opened a new site at intu Derby after securing an increased funding facility from HSBC UK.
Since opening its first branch in Uttoxeter in 2016, BEAR’s ambitious growth strategy has seen the company expand quickly with additional branches in Soho, Derby, Stone and now its new venture at intu Derby. With plans to open up to 30 outlets in the next five years, BEAR will use the new funding to free up the cash-flow required to fulfil its expansion plans, design and fit-out stores and invest in staff training and marketing.
Craig Bunting, co-founder of BEAR, commented:
“Our aim is to quickly become a cornerstone business on the high street and wholly integrate ourselves into the communities surrounding our stores. The site at intu Derby is our first within a purpose-built retail destination. It’s a big move for us which will help us to tap into the high footfall at the intu centre, share our BEAR vision with more people and give us the potential to explore international opportunities. We’ve worked with HSBC UK since we opened our first business bank account in 2015. Our Relationship Manager, Daniel Williams, has made the whole process really smooth and we’re delighted the bank has continued its support of the business.”
Mark Lupton, HSBC UK’s area director for Business Banking Midlands, added:
“BEAR has become an established name in the Midlands and the new site in a key retail destination represents a significant step forward for the business. Supporting entrepreneurs and helping to foster start-ups is a key priority for HSBC UK, which is why we’re looking forward to continuing to support Craig, Michael, Chris and the team at BEAR with their ambitious plans to open additional outlets and also to grow BEAR in to a global challenger brand”
The £10.1bn UK coffee shop market grew by 7.9% during 2018, representing 20 consecutive years of sales and outlet growth. BEAR offers a mix of speciality coffee, simple and honest food, cocktails and craft beer. The business aims to differentiate itself from the rest of the market through its inviting atmosphere and strives to get to know each of its customers.