York-based Monster Group (UK), an online retailer of business, household and specialist products, has won a seven-figure funding package from HSBC UK to help its expansion into Europe.

Established in 2007 by entrepreneur Rana Harvey, the business has enjoyed significant growth over the past 10 years. It now trades both nationally and internationally from its premises in York and Scunthorpe.

Via its MonsterShop website and online marketplaces, the company offers a range of products for businesses and consumers from kitchen and gardening items to commercial cleaning equipment.

Stephen Smith, HSBC UK’s relationship manager for North & West Yorkshire, said: “We have worked with Monster Group for over a decade and seen it grow from a small startup to the booming business it is today, so we’re delighted to be able to support the next stage in the company’s expansion.

“We look forward to seeing the business grow and successfully trade both nationally and internationally.”

The support of HSBC UK’s international trade finance facilities will help Monster Group to drive forward its sales expansion programme in Europe, specifically targeting France, Spain, Germany, Italy and the Netherlands.

The firm’s plans include increasing its range and quantity of stock - which is mainly imported from the Far East - by up to 110 per cent. It also aims to increase turnover by 40 per cent as well as creating six new jobs over the next year.

Rana Harvey, managing director of Monster Group, concluded: “We’ve been steadily growing our sales in Europe for a number of years and invested heavily in our distribution operations.

“This, coupled with HSBC UK’s backing, means we’re in an ideal position to dramatically ramp up our offer to customers in Europe. Monster Group is an international business and it is encouraging to share the same values with our bank.”