Bank aids instrument retailer to buy new head office

GEAR4MUSIC, THE retailer of musical instruments and music equipment, has purchased a new head office with support from a funding package worth £3.7m from HSBC.

The business, which was established in York in 2003, outgrew its previous offices at Clifton Moor, after enjoying rapid growth and quadrupling its workforce over the past four years.

Gear4music bought its new 50,000 sq ft property, located in Holgate Park, York, for £5.3m.

The investment in the offices will provide improved facilities for its 210 staff. It also provides space to expand its workforce.

A HSBC spokesman said: “The new premises will also provide the business with additional capacity to support its growth plans, including expanding its presence in Europe and beyond.”

Gear4music currently sells in 150 countries worldwide, with exports accounting for a third of the company’s total revenue.

Chris Scott, the chief financial Officer of Gear4music, said: “HSBC’s financial backing helped us find a solution to our office capacity problem as well as enabling us to commit to keeping our headquarters and operations in our home city of York.

“We are a fast-growing business and our new HQ gives us the resource to continue to further develop the business and win new customers across the UK and abroad.”

Adam Kelly, HSBC’s area director for North Yorkshire and Humber, said: “We have a long-term relationship with the business and are delighted to support the next stage of Gear4music’s development.

“The relocation to new and improved premises is a significant step forward in the business’s development and we look forward to seeing the team continue to grow.

“They are a great example of the sort of successful local business we are keen to support.”