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Clothing & Shoes

Skopes receives £6m investment to fund 15-store expansion drive

Leeds-based menswear retailer, Skopes, is set to “significantly expand” its national high street presence with 15 new stores, after securing a £6m funding package.

The brand, which celebrated its 70th anniversary last year, plans to open the 15 stores across the UK over the next two to three years.

The company said the aim for the stores will be to complement its existing “extensive” online offering, its multiple department store concessions and stores within Westfield in London, Junction 32 in Wakefield and Meadowhall in Sheffield.

This rapid expansion will support the creation of 200 new jobs, across retail, warehouse and office roles – the biggest growth phase the company has seen since its inception in 1948.

Following the expansion, the total workforce of the business will exceed 500.

The investment will also enable the company to strengthen its import channels from China, Bangladesh and Europe. Overall, the Skopes expects the expansion plans to increase turnover from £30m to around £60 to £70m over the next three to five years.

Simon Cope, owner and managing director of Skopes, said: “2018 was a big year for us. Seventy years after the business was founded by my grandfather, Sydney Cope, we completely re-branded and the energy this brought propelled our growth forward. While cultivating a strong digital following is key for us, we believe bricks and mortar stores still have a hugely relevant role in the retail landscape.

“We want to capitalise on this by rolling out 15 new stores nationwide. The HSBC UK funding will enable us to create stores that respond to consumer demand and trends which is imperative if we are to remain relevant and attractive to our ever-changing market.”

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