By James Wells
SYDNEY: Bing Lee chief executive Lionel Lee has revealed new stores are in the pipeline, as well as a new head office and warehouse servicing NSW and the ACT, but that the company “will not grow for growth’s sake”.
Speaking in an interview with Current.com.au, Lee said while there were “more stores in the pipeline”, the company’s independent nature meant it did not have to follow market pressures.
“We do not have the market pressure the publicly-listed companies have, as we are a private company. We have no intentions of floating, selling or raising capital. We have little or no debt and a good cash flow – sales are up and business is strong.
“It is business as usual. My Dad and grandfather started the business and Dad has left a legacy and it is up to us and our team to keep it growing.
He said the company was in the process of building “Ken’s shed” – their new head office, distribution facility and retail store – at a location close to their current distribution facility. The new headquarters will also replace several warehouses within a tight radius of 1.5km and also incorporate a 3,000 square metre retail store.
Lee said the warehouse, which will sit below the head office, will use racking up to 12 metres high and have sufficient capacity to service every store in the company’s network of close to 40 stores.
The complex is set to open in August.
Bing Lee will also open a new store in March at Westfield Chatswood, on Sydney’s north shore
Lee also confirmed he will remain a member of the Narta buying group and retain his seat on the board of the $3 billion group which represents competitors including Winning Appliances, Clive Peeters and JB Hi-Fi.
“We will continue to be a member of Narta and I will continue to be a member of the board. I would like to thank Narta for their support.
“Narta managing director Kay Spencer and her team have provided us with tremendous support not only over many years with our business but during the personal challenges over the last six months,” Lee said.