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Designer department store supported with supply chain finance scheme
Designer department store Psyche wanted to further develop its already successful business. They soon turned to Santander Corporate & Commercial, who helped boost cashflow and create even closer relationships with the company’s suppliers
In brief
- Company turnover: Almost £5 million
- Business: High-end department store
- Managing Director of Psyche, Steve Cochrane works closely with a Santander Relationship Director who respects him and wants his plans to succeed.
- Santander is building a long-term partnership with Psyche and aims to help the business grow on a lasting basis.
- Supplier Payments gives the company greater freedom to pursue its growth plans.
- The scheme has made Psyche the preferred retail partner for various brands, bringing benefits to the store and in turn its customers.
Psyche, Middlesborough’s designer department store with the feel of a boutique, is the brainchild of retailer Steve Cochrane. He bought the 35,000-square-foot building that houses Psyche in 2002, and the business has grown steadily since then. It now employs 64 staff, generates turnover of just under £5 million and carries 150 designer brands.
Retailer of the Year
Steve is passionate about developing the retail experience, and is very proud that Psyche has been voted ‘Retailer of the Year’ twice. He wants to ensure that his business can keep evolving, and so needs a receptive banking partner that understands his plans and shares his enthusiasm.
A hands-on attitude
Steve approached Santander Corporate & Commercial and was impressed by the hands-on attitude of the people he spoke to. The Relationship Director at Santander took the time to really understand how Psyche operates, and proposed a solution that would boost the business’s cashflow and drive great supplier relationships. Under the Supplier Payments scheme, Santander pays each supplier within 48 hours. Psyche then settles with Santander within 90 or even 120 days and receives an early settlement discount from the supplier. As well as freeing up cashflow for the business, the scheme means that Psyche receives preferential treatment from participating suppliers. And if there are any problems, Steve knows he can rely on a Relationship Director who really listens.
A breath of fresh air
“When I first sat down with Santander and they started explaining to me about all the products and support they offer, it was a breath of fresh air,” says Cochrane. “My Relationship Director takes the time to understand and get under the skin of the business. It’s easy to make promises in business, but Santander really seem to be walking the walk.”
