Member Article

Lloyds Bank says YESSS to create 500 jobs

Start-up electrical wholesale business Your Electrical Supplies, Service and Solutions Ltd (YESSS) is on track to deliver annual sales of over £80m in its first year of trading and create 500 new jobs across the UK with the support of a £12m invoice finance facility from Lloyds TSB Commercial Finance.

Founded in 2012 and headquartered in Normanton, South Yorkshire, the business supplies customers including general consumers, electricians, manufacturers and industrial workers with electrical products such as cabling, lighting, switch gear and heating and ventilation systems.

Major brands available from YESSS include MK, Schneider Electric, Doncaster Cables, Thorn, Hager and Bosch.

YESSS has created 500 new jobs and plans to have 80 branches open throughout the UK by the end of 2013. The company intends to create 2,500 jobs nationally as its branch network grows to 300 stores.

YESSS’ owners have a long-standing relationship with Lloyds Bank Commercial Banking, which provides the business with ongoing banking facilities.

Andy Singleton, director and general manager for YESSS distribution Europe, said: “Our company has always worked in the electrical industry, and we saw an opportunity to bring YESSS, a successful European model, to the UK.

“Our people have numerous years’ sector experience, and customers are responding to a fresh outlook on electrical wholesaling that offers access to people and brands that they know and trust.

“We have ambitious plans to grow the business, and we plan to build on a successful first year by opening another 50 stores across the UK by the end of 2013.

“The funding from Lloyds Banking Group has been key because it has meant the volume of sales has not impacted our expansion strategy or affected cashflow.”

The firm’s central distribution centre in Normanton, South Yorkshire, supplies the 40 branches located across the UK that have opened since December 2012, with stores in Scotland, Northern Ireland, and throughout England.

This was posted in Bdaily's Members' News section by Mark Lane .