Funding Boost Triggers Rich Tone Expansion

Sheffield-based dealer, Rich Tone Music, says it expects to increase turnover by 60 per cent after securing additional funding.

Established in 2004, the retailer stocks a range of more than 3,000 guitars, as well as basses, amps, accessories and other related equipment. Extra funding from HSBC to the tune of £600K, will allow it to expand its offering in-store, including a new drum department, DJ, home recording and hi-tech section along with a piano showroom.

The firm is also using the funding to create a brand new website, which will launch shortly.

Richard Thomas, director of Rich Tone, said: “The success of our online business alongside our well-established store in Sheffield is providing us with major opportunities for future growth and it was vital that we were prepared to respond to this with the right product availability.

“The investment from HSBC is literally allowing us to play to our strengths. We already have the knowledge and are renowned in Sheffield as the one stop shop, and now we are opening this up across the country for guitar enthusiasts.”

James Ferguson, director of Rich Tone,added: “In a time where investment from banks is seen to be more difficult to achieve HSBC have proved to be a willing and supportive partner in helping us achieve our goals. We have enjoyed strong growth due to our investment in people and our focus on improving the customer experience both online and in store. We look forward to the launch of our new website and the many exciting developments we have planned for our business in the coming months.”