Birmingham company forecasting 2014 turnover in excess of £120m.
Birmingham’s Bullion by Post is set to move into a larger premises in Hill Street following a boom in business that will create 10 new jobs.
The firm, which deals in gold and silver bars and coins for investment purposes, says that demand is booming with sales in the year 2012 to 2013 totalling £87 million, up 58% year-on-year.
The business was founded by Rob Halliday-Stein five years ago and has grown at such a rate that it now needs to move to a larger premises. Halliday-Stein said that its growth has been driven by the uncertain economic outlook and consumers’ growing distrust of banks.
The firm made a profit of around £2 million last year and is forecasting turnover exceeding £120 million next year. It is said to be the UK’s largest online dealer of gold bullion.
The fall in the price of gold in April led to a "significant rush in demand" at Bullion by Post, with its weekly sales totalling £4.7 million. The company is planning to hire 10 new employees over the next year to keep pace with its growth and relocation.