Retailer buys second c-store after securing six-figure funding

PK & Sons has bought 1,000sq ft ‘T&N New Food & Wine’ store at 1 Grey Terrace in Ryhope, Sunderland and plans to fully refurbish the store before the end of this year. It has been the only store open in the local area during the Covid-19 crisis, providing much-needed supplies to the community.

The retailer already owns and operates a convenience store in Darlington and hopes to add a third shop to its portfolio in the North East within the next two years. It currently employs 15 staff across both stores.

Amarbir Singh Randhawa, owner of PK & Sons, said: “HSBC UK showed a great deal of enthusiasm for our plans to grow the business with the purchase of the Ryhope store. We want to keep growing and HSBC UK’s retail and business expertise was extremely helpful. The local community is depending on us right now and our staff are rallying to keep the store open to the public at this difficult time.”

The finance was allocated from HSBC UK’s national SME Fund, which aims to actively support UK businesses realise their ambitions for growth and navigate Brexit. HSBC UK has also unveiled a package of support for businesses dealing with Covid-19.