An insulation distributor has expanded with support from a seven-figure HSBC UK funding package.
Galaxy Insulation, which is based in Sheffield and was established in 2009, stocks insulation and dry lining products from suppliers including Kingspan, Rockwool and Ravago.
The funding from HSBC UK supported the opening of an eighth branch in Bedford on the 1 October 2020.
The company currently has 160 employees, with plans to increase this to 200 by the end of the year after the opening of the new Bedford branch. It is also planning to launch in the North East in 2021.
At the start of the Covid-19 outbreak, Galaxy Insulation furloughed some of its staff and turnover dropped initially; however, the business quickly recovered and achieved record sales in the following months.
Richard Walker, group operations director at Galaxy Insulation, said: "After a period of record-breaking results for the business, we are now in a strong position to continue with our plans to expand, open new branches and grow the Galaxy Insulation team.
"The funding from HSBC UK has been crucial in supporting us in achieving our vision to create the complete insulation solution for all our clients around the country."
Lee Manterfield, corporate director at HSBC UK, added: "Galaxy Insulation has established itself as a well-respected name in the UK insulation and dry lining industry and we're happy to support the future of the business throughout these unprecedented times. We look forward to seeing the business continuing to grow as more employees are brought into the team and additional branches are opened in the next six months."