Molly Maid has secured an £800,000 funding package from HSBC to support its ambitious UK expansion plans.
The six-figure funding package from HSBC has been used to purchase assets, including the company’s Maidenhead HQ Molly Maid House, which was previously rented, and free-up capital.
It will also help Molly Maid reach up to 25 new markets across the UK in the next five years, making it one of the sector’s fastest growing businesses.
The company will be complementing existing franchise locations by opening its own sites, with a focus on the Midlands and the South of England.
Immediate plans include expansion into Southampton, Bristol, Cambridge and Banbury, following Molly Maid’s recent successful expansion in Norwich.
Molly Maid UK president and CEO, Kevin Hipkins, said: “Driving national expansion is top of our agenda and with HSBC’s support, led by our relationship manager at the bank Tom Gooder, we’ve had the confidence to commit to an ambitious five-year growth plan.
“The move to expand will see us setting up a readymade business in target locations, enabling us to establish the Molly Maid brand in new regions and capitalise on the booming demand for professional household cleaning services. We estimate the industry is valued at more than £2.7bn and growing.”
Sharon Byde, HSBC’s area director for West London Business Banking, added: “Molly Maid’s fast-paced expansion plans show great ambition, with multiple new locations planned in the next five years.
“The brand is already well-known but with this new funding for its future plans, it’s set to become a household name nationally. We look forward to working with Kevin and his team to help the business reach its full potential in new locations across the UK.”
Source: BQ Live